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.
After an ASIC investigation, nine super After an ASIC investigation, nine super trustees have ceased charging new members life insurance premiums at higher smoker rates after labelling them as “smokers” by default.
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.
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…
A former financial adviser (FA), cited for operating a “Ponzi scheme”, was on July 31 sentenced in the NSW District Court to six years’ in prison for misappropriating $1.86m of client funds.
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 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.
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.
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.
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.
UK’s Financial Conduct Authority (FCA) has initiated a test case to bring certainty on issues related to insurance cover for covid-19 related financial losses. It is seeking declarations from the UK High Court on the operation of several non-damage business interruption (BI) extensions.
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.