Australian regulators are shifting from monitoring the implementation of post-Financial Services Royal Commission regulatory reform, to scrutiny of compliance on an ongoing basis, points out the global law firm Clyde & Co.
Rates in the Directors & Officers (D&O) Liability market have continued on a downwards trajectory, following a trend reversal in mid-2022. This was driven primarily by an increase in insurer appetite and capacity out of London, which forced Australian markets to follow suit, says Mr Nathan Mauriello, senior client executive - Professional and Executive Risks at the international broking company Honan.
Lockton has appointed Ms Allison Emery as market management and key partnerships national manager. She joined Lockton Australia on in March and will be based in Melbourne.
Sedgwick has appointed Mr Andre Mataia as head of its construction adjusting team in Australia. The promotion follows the growth of the company's construction offerings in Australia.
The Australian Securities and Investment Commission (ASIC) has highlighted several areas where superannuation trustees should be making meaningful improvements to deliver better insurance outcomes for members.
Honan Insurance Group (Honan), one of Australia and New Zealand's fastest-growing brokers, has boosted its service capability and reach in the New Zealand market through the acquisition of established general brokerage, Certus Insurance Brokers (CIBNZ).
Japan is ranked second in a new Swiss Re study on life and health insurance availability, accessibility and affordability (three 'A's). Japan's aggregate inclusion score is 0.66, behind the 0.67 score for the US.
The Insurance Council of Australia (ICA) has called for the Federal Government to continue funding its Disaster Ready Fund (DRF) past the five-year budgeted commitment to better prepare for and protect Australian communities from worsening extreme weather.
The Australian Prudential Regulation Authority (APRA) has granted PetSure (Australia) a licence to operate as a general insurer (GI). APRA has also licensed PetSure Holdings as a non-operating holding company.
Financial planners say they continue to have reservations about the proposed Compensation Scheme of Last Resort (CSLR) and the Financial Accountability Regime (FAR) after legislation for the two Hayne royal commission-backed measures was introduced in the House of Representatives last week.