Members continue to empty super accounts

Super funds made payments to 129,000 members over the week ended August 2, APRA’s latest data on early release super show, bringing the total number of super member payments to about 3.9m. The total value of payments during the week was $1bn, $30.3bn overall since the scheme’s start on April 20.

Hannover Re expects major loss from Beirut explosion

It is “pretty certain” the August 4 explosion in Lebanon’s capital Beirut will be “a major loss” for Hannover Rück SE, S&P Global reports, quoting the reinsurer’s property and casualty head Sven Althoff.

Covid-19 forces ‘complete’ overhaul of APRA’s 2019-23 corp plan

APRA has had to completely overhaul its 2019-23 corporate plan, including super system improvements, since the onset of the covid-19 pandemic, chief Wayne Byres, told the House of Representatives Standing Committee on Economics yesterday (August 5). He said all policy initiatives had been suspended until September 30. “(O)ur aim has been to help steer the…

AMP Aust boss quits

AMP Ltd has accepted the resignation of AMP Australia CEO Alex Wade and confirms Wade will step down immediately. In a statement to the ASX today (August 6), AMP said NZ Wealth Management CEO Blair Vernon would become acting AMP Aust CEO, while the company started looking for a permanent replacement. Vernon, who had led…

AMP’s earnings dive as class actions loom

AMP Ltd last Friday (July 31) provided an update on its 1H20 interim operating earnings, showing bruising effects from covid-19, including market volatility and a credit loss provision in AMP Bank.

Global covid-19-related insurance losses $29bn and growing

The running total of global covid-19 related losses, reserves and estimates reported by insurers and reinsurers to Zurich-based financial services advisory PeriStrat LLC, were $US20.75bn ($A29bn) as of July 28, according to Reinsurance News.

FCA-insurer stoush over BI payout erupts in UK High Court

A stoush between UK’s Financial Conduct Authority (FCA) and insurers over cover for business interruption (BI) during the covid-19 pandemic has erupted before Lord Justice Julian Flaux and Justice Christopher Butcher hearing a test case in the British High Court to find clarity on the issue.

SIRA refers icare to ICAC over financials

The State Insurance Regulatory Authority (SIRA) has referred conduct at icare, NSW workers’ compensation insurance scheme, to ICAC after warnings about its deteriorating financial position, Sydney Morning Herald (SMH) revealed this morning.

Catastrophe losses close to record high

The economic loss from natural catastrophes in the first half of 2020 reached $US68bn ($A95bn), a newly released Munich Re report shows – slightly lower than the 30-year average of $ US74bn after adjustment for inflation.