The Actuaries Institute and the Australian Human Rights Commission (AHRC) say that while artificial intelligence (AI) promises faster and smarter decision making, safeguards are needed to prevent potential discrimination.
Howden, the international insurance broker, has increased its shareholding to 100% in AlphaXO Risk Partners (AlphaXO), a specialty insurance broker headquartered in Sydney.
New data released by the Insurance Council of Australia (ICA) yesterday shows that the insurance bill for storms and floods since January 2020 has topped A$12.3bn ($8.3bn).
Aon Reinsurance Solutions has appointed Mr Robert De Souza - currently Aon Reinsurance Solutions Australia and New Zealand CEO and chairman of APAC - as APAC president effective 1 January 2023. In this role, he will focus on supporting clients across the region, helping them make better decisions and driving the business strategic growth priorities.
Changes to weather and climate extremes are happening at an increased pace across Australia according to the State of the Climate report 2022.
2022 will be remembered as the year of the Great Deluge, when record- breaking rain and floods lashed large parts of Eastern Australia, causing untold devastation for Australians and the economy, says the Climate Council.
The Australian Prudential Regulation Authority (APRA) has intensified its supervision of Medibank, one of the largest Australian private health insurance providers, in response to the massive October 2022 cyber incident, which has significantly impacted Medibank customers and raised concerns about the strength of the company's operational risk controls.
QBE Insurance Group's underwriting profitability is expected to moderate over the next six to 18 months due to inflationary pressure and higher reinsurance costs, says Fitch Ratings.
The Australian Medical Association (AMA) is calling for more transparency over how private health insurers spend policyholders' premiums to help ensure that customers receive fair value for money and premiums are not directed to insurers' profits and administrative costs.
Despite Australians indicating they are willing to pay more to engage an adviser, affordability remains a key challenge for the financial advice industry.