The Insurance Council of Australia’s (ICA) latest data released Friday (July 29) show insured losses at $5.13m from the February-March floods have passed Cyclone Tracy’s in 1974, making it Australia’s second most costly extreme weather event – just shy of the 1997 Sydney hailstorm, which caused $5.57m in insured losses.
Author: Eva Wiland
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APRA kicks off prudential overhaul
APRA plans to modernise Australia’s prudential architecture and has started to overhaul its framework, APRA chair Wayne Byres revealed today.
War hits Munich Re Q1 results
The financial consequences from the war in Ukraine and sanctions against Russia have severely affected Munich Re’s first quarter, the reinsurer revealed in its latest results today (May 10).
Private health insurance in death spiral
Australia’s private health Insurance (PHI) industry urgently needs a rescue plan to stop its death spiral, a Grattan Institute report released today, warns.
Guy Carpenter launches Asia Pacific catastrophe advisory group
Global risk and reinsurance specialist Guy Carpenter & Co yesterday launched an Asia-Pacific catastrophe advisory group, which will be lead by its Australia and NZ property treaty broking team leader Jeremy Waite.
AMP mulls portfolio split up
AMP Ltd’s board plans a portfolio review of the Group’s assets and businesses as part of its transformation strategy to create “a simpler, leaner business”. Credit Suisse, Goldman Sachs and King & Wood Mallesons have been appointed AMP’s advisers to manage the review.
NDIS taskforce in large-scale insurance fraud raids
The National Disability Insurance Scheme (NDIS) Fraud Taskforce has raided several premises as part of an investigation into large-scale fraud allegedly committed by a western Sydney healthcare practitioner.
Major reshuffle at AMP: Murray resigns, AMP Capital CEO steps down
AMP Ltd chair David Murray has resigned and Boe Pahari has stepped down as AMP Capital CEO, after pressure from shareholders in response to sexual harassment allegations against Pahari.
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.
ASIC presses super trustees to refund for higher default ‘smoker’ premiums
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.
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).
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