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Industry premiums on course to reach $100 billion mark

14 February 2022

Direct written premium in Australia is projected to reach nearly $100 billion by 2026 but it may not necessarily lead to better profitability for general insurers because of pressure from natural catastrophe losses, according to GlobalData...

Preliminary hearing on BI class actions set for April

14 February 2022

The Federal Court has scheduled a case management hearing regarding four business interruption class actions for April as insurers and policyholders await the outcome of an industry test case on claims lodged during the pandemic...

ICA to target complex regulation post Hayne

14 February 2022

The Insurance Council of Australia will prepare a comprehensive paper on the need for a modern and efficient regulatory system in the wake of a plethora of reforms, as it prepares for a potential financial system inquiry...

Homeowners to see 'up to 46%' discount from pool

07 February 2022

Homeowners in northern Australia with the most acute insurance cost pressures should see premium discounts of up to 46% as a result of the cyclone reinsurance pool, the Federal Government said today ahead of introducing legislation into Parliament...

Australia commercial rate increase slows in Q4

07 February 2022

Commercial rates in Australia and the wider Pacific market went up 13% in the fourth quarter last year, following a 17% rise in the preceding three-month period, according to Marsh’s Global Insurance Market Index...

Homes destroyed in WA bushfires

07 February 2022

Emergency services are continuing to battle bushfires in WA after several homes and other structures were destroyed on the weekend...

Australia execs fear cyber risk most: survey

31 January 2022

Failure of cyber security measures and extreme weather events are the first and second biggest worry for Australian executives, according to the World Economic Forum annual Global Risks Report...

Tonga clean-up continues after eruption, tsunami

31 January 2022

Damage caused by the Tonga volcanic eruption and tsunami two weeks ago is still being assessed by insurers, with clean-up efforts at the Pacific Island hampered by thick layers of ash and communications difficulties...

Leading strata insurance providers keep top rankings

31 January 2022

Steadfast-owned CHU, Strata Community Insurance and IAG’s Strata Unit Underwriters have again come out best in an annual ranking of strata offerings in the residential and commercial product categories...

NZ to monitor ocean floor for North Island risk

31 January 2022

New Zealand researchers will deploy ocean floor seismometers off the coast near Wellington to gain a better understanding of the lower North Island’s earthquake and tsunami risks...

EQC strategy chief named as CEO

31 January 2022

New Zealand’s Earthquake Commission Chief Strategy Officer Tina Mitchell has started in her new position as CEO, taking over from Sid Miller, who announced his resignation last August...