1 July 2022 was a much later and tougher renewal than normal for property reinsurance renewals, with reinsurers seeking additional information on the impact of flood losses, demand surge and inflation on portfolios and original pricing, says Gallagher Re.
Australian Reinsurance Pool Corporation (ARPC) yesterday published initial premium rates and the reinsurance agreement relating to the Cyclone Reinsurance Pool ahead of the scheme commencing operations on 1 July 2022.
The Australian Prudential Regulation Authority (APRA) said yesterday that it had finalised amendments to the prudential framework for general insurers to support the operation of the government's cyclone and related flood damage reinsurance pool, which will be administered by the Australian Reinsurance Pool Corporation (ARPC).
New data show that the destructive flood that swept through southeast Queensland and northern New South Wales in late February and early March has caused A$4.8bn ($3.3bn) in insured damages and is now the third costliest extreme weather event in Australia's history.
There is a strong case for current caps on life insurance commissions to be retained and even raised slightly, says financial services company AMP.
S&P Global Ratings expects solid head-line growth in gross written premiums of about 6% per year for P&C insurers across personal and commercial lines in Australia.
PERILS, a Zurich-based organisation providing industry-wide catastrophe insurance data, disclosed its second industry loss estimate for the Eastern Australia floods, which occurred from February to March. The second estimate of the insurance market loss is A$4.895bn ($3.382bn). This compares to the initial loss estimate of A$3.991bn which was issued by PERILS in April. The loss estimate includes losses from the property and motor hull lines of business and is based on data collected from most of the Australian insurance market.
The Financial Services Council (FSC) and the life insurance industry have published the new Life Insurance Code of Practice (the Life Code). The new Code takes effect on 1 July 2023, and provides the industry with 12 months to make the transition.
The Insurance Council of Australia (ICA) has welcomed the confirmation of A$741m ($518m) in additional funding in the State Budget handed down yesterday to better protect Queensland homes and communities from the impact of extreme weather.
Internet, electricity and mobile services provider Slingshot has formed a partnership with digital insurer Open, enabling the delivery of house, contents, and landlords' insurance along with energy, mobile and broadband on a single bill.