Insurance Australia Group joins Cyclone Pool, while advocating for more investment in disaster risk reduction and stronger national building codes.
The insurance and microinsurance solutions aim to help protect vulnerable Himalayan communities impacted by climate change.
The parties will cooperate to develop and expand insurance products in The Pacific, with the intention of replicating the model in other vulnerable areas, including Asia and parts of Africa.
A surge in disaster-related claims alongside rising inflation across Australia has driven insurance premiums higher; the ICA is urging the government to implement measures to reduce risk and maintain affordability.
ACIL's findings suggest Australia's Reinsurance Pool is not delivering as expected with respect to consumer savings and fostering market competition; recommendations include greater transparency from insurers.
The ICA welcomed disaster funding in the New South Wales' 23-24 State Budget, but continues to call for insurance tax reform for the state that bears the highest insurance taxes in the country.
As concerns continue to grow about South Korea's falling birth date, the Government and GIA have partnered to provide financial assistance for cryopreservation.
RACQ is the second Brisbane headquartered insurer to join the Federal Government's Cyclone Reinsurance Pool in less than a week.
The Australian Government introduced the AU$10bn (US$6.7bn) cyclone and flood damage reinsurance pool in July 2022 to help insurance companies manage NatCat risks.