Contest to end extreme fire events

XPRIZE, which conducts incentive competitions to solve some of humanity’s great challenges, has launched XPRIZE Wildfire, a four-year contest, which will award $16m to competing teams that find ways to innovate firefighting technologies and end destructive bushfires.

NDIS set for a reboot

NDIS is here to stay but it needs a “reboot”, NDIS and Services Minister Bill Shorten told the National Press Club yesterday, outlining “six policy directions” to secure the scheme’s continued sustainability.

APRA finds NobleOak in breach of prudential, reporting standards

APRA has notified NobleOak Life Ltd it has breached its prudential and reporting standards, which has resulted in a breach of capital requirements. The breaches relate to the measurement and reporting of NobleOak’s reinsurance exposures and the associated asset concentration risk.

Munich Re stops insuring new oil, gas field projects

As of this month, Munich Re will stop insuring projects involving new oil and gas fields or new midstream oil infrastructure. The decision follows the reinsurer’s move to discontinue its membership in the Net-Zero Insurance Alliance (NZIA).

Insurers’ billions untouched in run on banks

US Insurers have billions in deposits in troubled banks but there are few signs the banking sector’s problems are reaching the industry, ratings agency AM Best reported today in BestWire.

‘At critical juncture’: Suncorp CEO

After more than a century of allowing residents to build in harm’s way, the community needs to better support those who are paying the emotional and financial price, Suncorp group CEO and MD Steve Johnston says.

APRA grants GI licence to PetSure

PetSure (Australia) claims it has becomes the first general insurer in Australia solely dedicated to pet health insurance, after APRA granted it licence to operate under the Insurance Act 1973 (Act).

ASIC gives life insurers red tape relief

Life insurers can now reissue pre-design and distribution obligations (DDO) policies when reissuing polices in limited circumstances after ASIC provided conditional relief to ease their regulatory burden.