London remains dominant market

The London market is still the world’s biggest re/insurance hub, according to London Matters 2020, London Marketing Group’s latest report, which tracks the London (re)insurance market’s growth and development.

Many Aust businesses under-prepared for COVID-19-type risk

At the onset of COVID-19, almost 40% of businesses had failed to regularly test their risk and crisis plans, an Australia-wide survey of almost 400 governance and risk professionals and senior executives found, leaving them exposed to major risks.

ICA cancels 2020 annual forum on covid-19 concerns

ICA has cancelled its 2020 annual forum and annual dinner, scheduled for March 18, after many delegates’ voiced concerns about risks associated with attending big public events during the covid-19 crisis.

Aon, Willis to merge, forming biggest broker globally

Aon this week revisited last year’s plans to buy out Willis Towers Watson Plc in what is the world’s biggest insurance merger. The number two and number three market leading global insurance brokers have agreed to join forces in an all-stock deal with an implied combined equity value of about $US80bn ($A121.6bn).

‘Have a think’ if PHI is worth it: Choice

Consumer advocate Choice has released a five-step plan for private health insurance (PHI) members, urging them to “have a think” about whether they actually need either hospital insurance or extras.

Several years to restore public confidence in finance industry: APRA

It will take several years to restore public confidence in the financial industry and its willingness to put people ahead of profits after revelations by the financial services royal commission (FSRC), APRA Deputy chair John Londsdale says. In the first APRA Insight for 2020, Londsdale said, in response to “commentary on whether the (FSRC) fixed…

Australian life industry performance in downward spiral

The Australian life insurance industry‚Äôs performance is in a downward spiral, regulator APRA’S latest data show. A $19bn increase in overall CY19 revenue on CY18, mainly driven by a favourable investment market, was offset by a $17.8bn rise in total expenses and $1.8bn increase in tax expense.

ASIC reports 52% jump in FSRC actions

ASIC has reported a 52% increase in enforcement investigations, triggered by the financial services royal commission (FSRC), involving CBA, NAB, Westpac, ANZ and AMP, or their officers or subsidiary companies.

AUB group upgrades guidance to 16-18% growth

AUB Group Ltd has upgraded its guidance to 16-18% FY20 growth from 8-9% after recording strong 1H20 results, including a 25.3% rise in adjusted net profit after tax (NPAT) on 1H19, to $21.3m. NPAT was adjusted for increased share capital on issue after the 1-for-7 equity capital raising in November 2018, offsetting costs of $1.6m…

Employers get SG amnesty for another six months

Under amending legislation passed in Parliament this week, employers who have failed to comply with their super guarantee (SG) obligations will have an amnesty for another six months to come forward and pay their workers’ SG shortfall without ATO penalties.