One year on: ICA releases latest flood claims data
27 February 2023
The latest figures from the Insurance Council of Australia have placed total insured losses at $5.76 billion for last year’s historic flooding in South-East Queensland and NSW...
Local
'Balancing act' as insurers raise pricing, living costs strain consumers
27 February 2023
S&P Global Ratings says in a new report it expects Australian insurers will be able to “meaningfully” raise premiums but cautions the industry will have to be mindful of the economy-wide cost pressures that are also straining consumers...
Climate Council warns of 'powder keg' fire conditions for Australia
27 February 2023
The Climate Council says Australia is “primed to burn” as increased vegetation from a protracted La Nina season sets up dangerous conditions ahead of a return to drier and hot weather...
D&O 'reset' faces headwinds
27 February 2023
Broker Marsh has flagged risks – both existing and emerging – that could affect the “reset” that is now underway in the directors’ and officers’ (D&O) insurance market...
New Zealand's car buyers warned to look for water damage
27 February 2023
Insurers are urging car buyers in New Zealand to look for signs of water damage and to check a written-off register before agreeing a deal...
Insurers face 'identity crisis', must redefine role: Bain
20 February 2023
Changes in consumer expectations have “thrust insurance companies into an identity crisis that calls on them to redefine their role,” a new report from Bain & Company says...
'It is huge': New Zealand sets new weather loss record
20 February 2023
A new annual insured loss record for extreme weather has been set in New Zealand just seven weeks into 2023, the Insurance Council of New Zealand says...
La Nina lingers as climate drivers in transition
20 February 2023
La Nina conditions are continuing in the tropical Pacific Ocean, with oceanic indicators weakening to neutral levels and atmospheric conditions slower to respond, while it is too early to make accurate forecasts about any switch to El Nino conditions, the Bureau of Meteorology says...
Devastating blazes accompany warnings of warmer conditions
20 February 2023
Bushfires across Queensland, SA and NSW have destroyed tens of structures, as the Bureau of Meteorology expects hot and dry weather conditions to continue...
ICA opens appointments for flood anniversary forums
20 February 2023
The Insurance Council of Australia has announced in-person panels for Northern NSW communities as it marks the anniversary of last year’s historic flooding...
Quality of Advice final report: reviewer explains industry impact
13 February 2023
Quality of Advice Reviewer Michelle Levy has explained key aspects of her final report that would impact the general insurance industry, including the proposal to broaden the definition of personal advice, if adopted by the Federal Government...
'Extreme, impactful, unprecedented': Gabrielle nears Auckland
13 February 2023
Cyclone Gabrielle is expected to reach its closest point to Auckland within hours, and has already brought gale-force winds and drenching rain to New Zealand’s upper North Island, cutting power to almost 60,000 homes and prompting evacuations...
Wake-up call: Auckland floods 'must spur resilience debate'
13 February 2023
Devastating Auckland floods should focus government attention on urgent resilience improvements, the Insurance Council of New Zealand says...
In Insurance News magazine this month
13 February 2023
The reinsurance market, and its approach to Australia, is changing fast, and that’s why an analysis of the latest renewals makes the cover of the latest edition of Insurance News magazine...
'Warmer and wetter': Bureau highlights contrasting conditions
13 February 2023
The Bureau of Meteorology says Australia experienced “warmer and wetter” conditions last year as a flood-inducing La Nina held sway, particularly in parts of eastern states, while warmer conditions were felt across northern Australia and the west coast...
Australia commercial rates rise 5% in December quarter: Marsh
06 February 2023
Australia’s commercial insurance market continues to moderate, rising 5% in the December quarter, similar to the previous three-month period, according to Marsh’s latest pricing monitor...
New Zealand’s 'lucky' run of rainfall missing key towns ends
06 February 2023
A long run of major rainstorms striking outside New Zealand’s major cities was a “matter of luck,” and came to an abrupt end when Auckland’s 1.66 million residents were inundated in the nation’s worst-ever weather event...
La Nina continues to fade
06 February 2023
The flood-inducing La Nina weather system is continuing to ease in the tropical Pacific, but the threat of increased rainfall remains...
VBA welcomes water damage report recommendations
06 February 2023
The Victorian Building Authority says it will take on findings from a new study highlighting ways to reduce water and indoor mould damage risk...
ICA to revisit devastated communities as it marks flood anniversary
06 February 2023
The Insurance Council of Australia has announced it will join insurers to host in-person panels in South-East Queensland and NSW communities as it observes the anniversary of last year’s historic flooding...