The Insurance Council of Australia (ICA) said efforts to improve insurance affordability in Tasmania should focus on addressing the underlying drivers of rising costs, following the state government's announcement that it will establish a new statutory authority, TasInsure, aimed at reducing premiums.
Insurance Australia Group (IAG) has announced a refreshed strategy and long-term financial targets as part of its Ambition 2030.
Over the past decade, the number of people accessing financial support because they are not able to work due to injury or illness has surged in Australia, with 2m more Australians now claiming income support payments.
Around one third (31%) of Australians have experienced wild weather damage to their property or vehicle since 2021, according to new research published by NRMA Insurance Company.
The Australian Prudential Regulation Authority (APRA) has urged a lasting shift in how banks, insurers, and superannuation trustees manage AI-related risks amid its ongoing evolution.
A potential risk facing Australia is the reoccurrence of El Nino in August, which has an 80% probability of taking place.
Agrifood, an important sector highly dependent on diesel used for planting, harvesting, processing and transportation, will be severely impacted if the conflict lasts any longer due to higher oil and fertiliser prices.
Descartes Underwriting, a provider of parametric (re)insurance solutions for climate, cyber and emerging risks, has appointed Mr Jean Hermelin as Chief Strategy Officer. He will also join the Executive Committee.
Willis, a WTW business, has appointed Mr Scott Kirkwood as Head of Natural Resources, Pacific. In his new role, he will be responsible for strengthening the Pacific natural resources business by aligning closely with Willis' global expertise, leveraging insights and experience from around the world.
The Insurance Council of Australia (ICA) has urged the federal parliamentary inquiry into local government funding and fiscal sustainability to increase support for local councils to strengthen flood defences amid more frequent extreme weather events.