Australia

Australian summer nat cat bill surpasses AU$1.6bn

April 10 2024

Cyclone Jasper, Valentine's Day storms, and Christmas Storms have seen a combined 130,000 claims.

ICA Declares 'Significant Event' as NSW severe storms hit 11,500 claims

April 10 2024

11,527 claims to date, but still too early to estimate insurance losses, says Insurance Council of Australia.

Honey Insurance secures AU$108m in Series A funding

April 9 2024

Insurtech's AU$108m (US$71.3m) raise, led by Gallatin Point Capital, is Australia's third-largest Series A round for a tech company.

australia-life-insurance-breaches-rise-for-third-year-but-impact-significantly-fewer-customers

Australian life insurance code breaches rise for third year, but impact fewer customers

April 9 2024

The Life Insurance Code Compliance Committee reports 9% rise in breaches in 2022-23, but 47% reduction in number of customers impacted.

Sydney hit with severe flooding as torrential rains prompt evacuations and rescues

April 7 2024

Torrential downpours in NSW lead to overflowing dams, hundreds evacuated, and government announcement of a disaster recovery package.

Australian government to correct legislation that eliminates broker commissions - report

April 6 2024

Financial Services Minister pledges swift action on recently proposed legislation, which would have inadvertently made commission payments illegal.

IAG pays AU$37m in worker back-pay due to inadequate systems

April 5 2024

Insurer self-reported non-compliance and pays over AU$21m (US$13.83m) for federal wages and entitlements, while settling AU$16.2m for state and territory long service leave entitlements.

Insurers on alert as Eastern Australia braces for 'black nor'easter' weather event

April 4 2024

Severe weather forecast, including 'black nor'easter' phenomenon, with some insurers taking proactive steps in preparation of torrential rain and flooding.

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Australian Local Government Association calls for significant increase in Disaster Ready Fund

April 4 2024

ALGA suggests increasing annual DRF allocation to AU$450m (US$297m), echoing calls from the industry for more long term solutions to insurance affordability.