Australia

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APAC insurance saw diverging market dynamics in Q4 2023: Aon

March 12 2024

From hardening rates in cat-exposed regions to softening financial lines, Q4 market report paints a complex picture of growth, challenges, and shifting dynamics in APAC.

Australian Government to introduce financial sector regulatory initiatives grid

March 11 2024

New regulatory initiative aims to streamline financial sector, including insurance, enhance business operations and reduce compliance costs.

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Insurance claims from Victoria's Valentine's Day storms top AU$100m

March 8 2024

Victoria's 14 Feb severe storms trigger nearly 20,000 claims worth AU$104m (US$69m), says ICA.

Insurance industry gender pay gap persists in APAC; Australia leading regional peers

March 8 2024

But despite Australia's strong international performance, finance and insurance is second worst sector domestically, as insurance and superannuation gap widens in last three years.

Australian businesses report increased satisfaction with brokers: Vero survey

March 7 2024

Concerns over natural catastrophes are also on the rise.

Australian Treasury looks to standardise natural hazard insurance definitions

March 7 2024

New consultation aims to standardise natural hazards to enhance transparency and consumer understanding.

Insurance brokers must improve reporting practices warns Australian compliance committee

March 6 2024

Insurance brokers face intensified scrutiny from the IBCCC for inaccuracies in reporting, with new guidance issued to improve compliance.

ASIC warns General Insurers to continue claims handling improvement

March 6 2024

Aussie regulator acknowledges steps taken by the industry, but notes that complaints are still increasing.

New US$1.3bn investment facility to support clean energy and infrastructure in Southeast Asia

March 6 2024

Australian Government announces AU$2bn SEAIFF, which will provide loans, insurance, guarantees, and equity for trade and investment in SEA.

Australian MGA Mustard Underwriting partners with Sovereign on personal lines products

March 5 2024

The collaboration will introduce home and contents, landlord, and motor products, with plans for further expansion.

ICA: Australian summer extreme weather insurance losses hit AU$1.2bn

March 4 2024

100,000 claims from Christmas and New Year Storms and Cyclone Jasper push summer nat cat tally to AU$1.2bn (US$782bn).

Australia: Pacific International's ratings affirmed with pet and travel expected to fuel underwriting growth

March 4 2024

Despite a five-year average ROE of -0.2%, the insurer has demonstrated an upward financial trend with positive earnings recorded in FY 2022 and 2023.

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