Australian broker network Steadfast published its results for the half year to 31 December that showed a 29.6% increase in revenue to A$414.4m ($272m) and a 39.1% increase in underlying net profit of A$53.2m after tax.
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) is encouraging the insurance industry to provide guidance on the Financial Services Training Packages being reviewed by PwC, so as to meet the training needs of the industry.
Insurers, reinsurers and lenders should work with farmers to develop weather risk products that perform better for all involved, according to Mr Dylan Hirsch, a grain farmer and a scholar studying financial risk management systems in variable climates, including Multi-Peril Crop Insurance (MPCI).
Homeowners in Australia now face a fresh risk in insurance "red zones" as more extreme weather events make insurance more expensive, and even unaffordable for some.
There must be recognition that additional meaningful industry cost savings and enhanced industry participation can only be realised through new government reforms, according to Medibank Private chief executive Craig Drummond.
Data released by the Australian Prudential Regulation Authority on show that 46,969 fewer people aged between 20 and 34 had hospital cover in December, compared with a year earlier.
The bushfires that have ravaged Australia over the past three months have damaged over 2000 homes and cost at least AUD1bn in claims. A typical bushfire season used to see only 100 homes lost.
If there is one thing that businesses have learned from the rise of Netflix, Amazon Prime and Apple - it is that the future of customer loyalty lies in securing subscriptions. And this applies to the insurance sector as much as any other.
Climate change could make insurance premiums unaffordable, especially for customers exposed to extreme weather events. According to a press report by Reuters, Australia's QBE Insurance Group (QBE.AX) considers climate change a "material risk" for its operations across the globe.
Australia's QBE Insurance Group has said that climate change could make some premiums unaffordable, especially for customers exposed to extreme weather events, and was a "material risk" for its operations across the globe, reported Reuters.