Strengthening protections around AI must start with sharpening or otherwise adjusting existing regulatory frameworks, says the Insurance Council of Australia (ICA).
The Actuaries Institute says that it welcomes the cost-of-living relief and equity measures announced in the Federal Budget which was announced on 14 May.
New York-listed and Bermuda-headquartered reinsurer, Everest, has launched officially its Australian Insurance operations after receiving approval from the Australian Prudential Regulation Authority. The business will operate under the name Everest Insurance Australia with offices established in Sydney and Melbourne.
Super Consumers Australia, an independent superannuation consumer advocacy organisation, urges financial advisers and superannuation funds to urgently lift their game to protect Australians' retirement savings from dodgy advice.
Over the medium to long term, substantial growth in the property and casualty reinsurance in the APAC region continues to be anticipated, says Hannover Re in its outlook on the sector.
The Ardonagh Group, one of the world's largest independent insurance broking platforms, has entered into a Scheme Implementation Deed (SID) to acquire all of the issued ordinary shares in PSC Insurance Group.
Insurers need to "think bigger" to develop a system-wide understanding of the challenges and cooperate on solutions, not just within the insurance industry but also by engaging the wider ecosystem, APRA executive board member Suzanne Smith has said.
Arch Insurance has appointed Mr Michael Faulkner as distribution and engagement lead. In this newly created role, he will be responsible for managing and developing strategic relationships with brokers in Australia and the Pacific region, creating business development opportunities for all product lines and driving distribution growth.
One of the world's leading reinsurers, Hannover Re, posted gross reinsurance revenue in the Australasia region in 2023 of EUR4.57bn ($4.92bn), 6.4% lower than in 2023, according to the reinsurer's 2023 Annual Report.
Arthur J Gallagher & Co has announced the acquisition of Melbourne-based Health Insurance Consultants Australia (HICA). The terms of the transaction were not disclosed.