AU$587m (US$384m) is being invested in the nation's cyber security, with Australia's insurance industry set to benefit thanks to increased awareness and knowledge sharing.
FY23 profit increase helps maintain strong ratings in face of weakening combined ratio, rising nat cat concerns, and possible impacts of the banking arm sale.
Australian Climate Risk Index highlights the vulnerability of Australia’s power grid to climate change, with Western Australia and the Northern Territory facing the highest risk.
Improving underwriting results and turn around in investments see QBE's IFS and IDR ratings affirmed even in the face of higher nat cat costs and weaker performance in North America.
Insurers and consumers in New South Wales are set to benefit from the reform, with estimates of potential premium reductions up to 15% for home owners and up to 23% for businesses.
A 2023 survey conducted by ASIC reveals considerable cyber security weaknesses in Australian businesses, prompting a rally call from the regulator for improved cyber practices.
