Australia is facing an advice accessibility crisis, according to Ms Christine Cupitt, CEO of the Council of Australian Life Insurers (CALI), who said that life insurers want Australians to have more choice when it comes to getting advice about their life insurance needs.
The National Rural Health Alliance (the Alliance) has voiced concern over new extras offered by some of Australia's biggest health insurers with the claim that they will be an offset to high premiums.
Mental health conditions - including affective disorders, anxiety and substance abuse - were the most prevalent in Australia in recent years, with over 12m active cases between 2020 and 2022. This is followed by COVID-19, which has seen approximately 11m reported cases over a similar period, according to an analysis by Zurich Financial Services Australia (Zurich).
Chubb has entered into a definitive agreement to acquire Catalyst Aviation Insurance, a Melbourne-based managing general agent that specialises in general aviation insurance for the Australia market.
The Australian Prudential Regulation Authority (APRA) has stressed that it encourages the directors and executives of insurance companies to elevate risk governance with a sense of urgency and to foster deeper self-reflection when mistakes do occur to ensure that root causes are effectively addressed.
ALDI Australia, a supermarket chain, yesterday announced its expansion into the insurance sector with the launch of ALDI Insurance.
Emergence Insurance has appointed Ms Katrina Hickson as head of distribution, a newly created role. In her new role, she will lead the business development team, oversee the national accounts strategy, foster key partnerships and expand the cyber insurance specialist underwriting agency's market presence across Australia and New Zealand.
The Australian government is establishing the Insurance Affordability and Natural Hazards Risk Reduction Taskforce as part of the federal budget to develop an integrated, cross-government approach to minimising the impacts of disaster on the community and help address insurance costs driven by more frequent and intense weather events.
The Australian Consumers Insurance Lobby (ACIL) is calling for significant reforms to the General Insurance Code of Conduct.
The Insurance Council of Australia (ICA) has disclosed that the April storms that battered New South Wales caused A$176m ($117m) in insured damages, with over 95% attributed to property damage.