Industry estimates have varied dramatically, but AM Best anticipates insurance losses from 3 Apr earthquake will not exceed Meinong earthquake's US$500m in losses.
ALGA suggests increasing annual DRF allocation to AU$450m (US$297m), echoing calls from the industry for more long term solutions to insurance affordability.
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....
