edition
• Insurers in Australia are becoming increasingly comfortable in underwriting risk from battery energy storage systems (BESS).
• More than twice as much mega-watt hours of storage capacity came online in 2023 compared to 2022.
• So far BESS underwriters have not been significantly affected by claims, making loss ratios very attractive.
• While capacity is flooding into the market, relatively few insurers are prepared to take the lead.
• This is keeping premiums high, and making the sector even more attractive.
• Government’s Budget 2024 allocates NZ$10.5m for a new National Emergency Management Facility and NZ$23m for NGOs to replace assets and improve emergency response.
• NZ$81.8m is allocated for recovery from 2023 North Island weather events, including temporary housing, debris removal, and local council recovery efforts.
• Insurance Council of New Zealand welcomes the budget, noting its focus on resilience and risk reduction, and highlighting the cost-saving benefits of flood resilience investments.
• New ICA data shows the ESL adds significant costs to NSW insurance policies, with an average of AU$305 on home and contents policies and an average of AU$1200 for commercial building policies.
• Minns Government plans to abolish the ESL, potentially reducing premiums by up to 15% for homeowners and 23% for businesses.
• The Emergency Services Levy Insurance Monitor Bill 2024 was introduced in May and aims to shift funding from insurance policies to a broader levy on all property owners.
Bland will be responsible for shaping and executing QBE's specialty claims strategy in the region.
