Steadfast revenue tops $1 billion, says IBA deal ‘enhances’ earnings potential 17 August 2022 Steadfast Group says its $301 million acquisition of Insurance Brands Australia will strengthen its broking network as the business aims to build on its strong earnings results... Read More...
NSW floods inquiry proposes major resilience reforms 17 August 2022 An independent inquiry requested by the NSW Government into this year’s catastrophic floods has recommended land-use planning reforms and the creation of a new authority to drive mitigation and risk reduction... Read More...
Most vulnerable spend 14% of income on home insurance 17 August 2022 A million Australian households spend more than a month’s gross income on home insurance and the Actuaries Institute says state stamp duty and levies should be scrapped in favour of “more equitable and efficient” sources of revenue... Read More...
INsight podcast: reinsurance in focus ahead of Rendez-Vous return 17 August 2022 Trends in reinsurance and some familiar influences on company financial results are discussed in the latest Insurance News podcast... Read More...
Property cover among top five small business product complaints 15 August 2022 Commercial property insurance was among the top five products that small businesses complained about last financial year, the Australian Financial Complaints Authority says... Read More...
IAG pushes through rate rises as inflation bites 15 August 2022 IAG is pushing through rate increases across its motor and home lines, in some instances by up to 11%, giving the insurer confidence that it has a “good handle” on mitigating the inflation challenge that is affecting the Australian and global economy... Read More...
ASIC looking to improve breach regime after challenges 15 August 2022 The Australian Securities and Investments Commission is looking to improve the breach reporting regime’s operation after challenges since its introduction, while it has also flagged future consultation on public reporting of licensee-level information... Read More...
Use of 'level' premium term confusing for consumers: AFCA 15 August 2022 The Australian Financial Complaints Authority says the term “level” premium is confusing for life policyholders, leading many to believe the premiums they pay will not change... Read More...
Brooklyn Underwriting appoints new head 15 August 2022 Brooklyn Underwriting has announced Acting Head Scott Jerome will take over the role in a permanent capacity... Read More...
'Don’t know': blockchain poorly understood in insurance 15 August 2022 More than a fifth of 352 global executives surveyed by GlobalData said blockchain was “all hype and no substance” and rated it less use to the insurance industry than augmented reality, internet of things, 5G, cloud computing, cybersecurity and artificial intelligence technologies... Read More...
Reinsurance environment remains in flux: AM Best 15 August 2022 Fears of sustained inflation and a potential recession may lead to a decline in overall available reinsurance capital in an environment where various influences on the sector remain in flux, AM Best says... Read More...
Plenty of reinsurance questions in a more volatile world 15 August 2022 Reinsurers are seeking more stability in a volatile environment that has changed significantly in recent times, with uncertain implications for pricing and capacity, a report from AM Best indicates... Read More...