Australia

Australian regulator releases observations on review of Private Health Insurance capital framework

May 9 2024

Enhanced data quality and accuracy one of the areas of improvement identified by APRA in its review of the PHI capital framework.

australias-cyclone-reinsurance-pool-achieves-significant-coverage-but-still-faces-challenges-in-lowering-premiums

Cyclone Pool achieves broad coverage but some questions remain over premium reductions

May 9 2024

Pool reaches 95% coverage of eligible risks; however, data quoted by ARPC on premium reductions appears to conflict with findings from the ACCC and ACIL.

ardonagh-set-to-acquire-australias-psc-insurance-in-deal-valued-at-au2-26bn

Ardonagh to acquire Australia's PSC Insurance for AU$2.26bn

May 8 2024

Anticipated acquisition confirmed in an ASX announcement, with AU$2.26bn (US$1.48bn) deal expected to be completed in late September.

arpc-warns-about-australias-cyber-terrorism-insurance-coverage-gap

ARPC warns about Australia's cyber terrorism insurance gap

May 8 2024

Exclusion of physical damage from cyber terrorism exposes businesses and has potential for (re)insurance industry backlash.

arch-insurance-australia-hires-michael-faulkner-in-newly-created-role-of-distribution-amp-engagement-lead

Arch Insurance Australia hires Michael Faulkner in newly created Distribution & Engagement Lead role

May 7 2024

Faulkner brings over two decades of Australian insurance industry experience to his new role.

gallagher-continues-australian-shopping-spree-with-the-aquisition-of-hica

Gallagher continues Australian shopping spree with the acquisition of HICA

May 7 2024

Arthur J. Gallagher continues to strengthen Australian presence with acquisition of Health Insurance Consultants Australia.

launch-of-australias-ev-centre-of-excellence-set-to-ease-pressure-on-combined-ratios-and-premiums

Australia's EV Centre of Excellence poised to help ease pressure on combined ratios and premiums

May 7 2024

New EV-learning facility will mitigate risk of minor accident write-offs, with Australia's government initiatives offering a blueprint for APAC.

ardonagh-group-closes-in-on-psc-insurance-reports

Ardonagh Group closes in on PSC Insurance acquisition - reports

May 7 2024

AU$2bn (US$1.33bn) deal reportedly drawing closer, with some competitors said to have withdrawn over valuation concerns.

KOBA Insurance launches Australia's first dedicated EV policy

May 3 2024

Pay-as-you-drive policy is initially for Tesla owners, but access to other brands will roll out in the 'near future'.

Australia's General Insurance code breaches rise 34% in 2022-23

May 3 2024

New data from the General Insurance Code Governance Committee shows a continued uptick in code breaches.

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