Marine cargo premiums are expected to increase the next 12-24 months by 5%-10% and eventually plateau, says Aon, a global professional services firm that provides a wide range of risk, reinsurance, retirement, and health solutions.
The Morrison government will establish a new national agency to help support local communities respond to large-scale natural disasters. Funds of A$600m ($464m) would be invested in a new programme of disaster preparation and mitigation, to be managed by the new entity, the National Recovery and Resilience Agency.
The federal government announced yesterday that it will launch an A$10bn ($7.7bn) reinsurance pool, in a bid to reduce home and business insurance premiums in cyclone-prone northern Australia.
The Australian Amusement, Leisure and Recreation Association (AALARA) is working with Aon, a leading global provider of risk management services, insurance and reinsurance brokerage services, to establish an industry owned and operated discretionary mutual fund for the benefit of members.
Some private health insurers are returning unused premiums to policyholders because of a reduction in elective surgery cases during the COVID-19 pandemic period, according to the Australian Private Hospitals Association (APHA).
The chairman of the Australian Prudential Regulation Authority (APRA), Mr Wayne Byres, has highlighted three important issues that are relevant and critical to the long-term strength and resilience of the financial sector.
Life insurers need to harness innovation and develop more affordable and sustainable products if they are to avoid dealing with market disruptors, according to the Australian Financial Complaints Authority.
Australia's life insurance industry has announced the development of an industry-wide Professional Standards Framework, as part of a shared commitment to unifying professional standards and further enhancing industry trust and confidence within the community.
The Australian Prudential Regulation Authority (APRA) yesterday released for consultation its draft guidance to insurers, banks and superannuation trustees on managing the financial risks of climate change.