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.

PHI members with hospital cover dwindle to 44%

Private health insurers keep losing members with hospital cover, particularly younger members, while older members are increasing the latest APRA figures for the year ended December 2019 show.

$9m paid under COVID-19 super ERS

In all, super funds have made $9bn in payments since inception on April 20, of the super early release scheme (ERS), newly released APRA figures show. According to APRA data submissions from 177 funds, the total value of payments during the week to May 10 was $2.7bn and the average payment, $7,546.

PSI buys HSEQ assets, stake in software business

PSC Insuranece Group Pty Ltd (PSI) has bought Perth-based health, safety, environment and quality (HSEQ) consultancy Ultimate Safety Solutions Australia’s (USSA) business assets and a 75% interest in the owner of SafeX software, Eden Software Pty Ltd’s (Eden), for $698,000. PSI said in an ASX statement that, in addition to its HSEQ consultancy services, USSA…

Suncorp urges action on climate change

After seven natural catastrophes across Australia and NZ in 1H20 and three subsequent Australian events in January, Suncorp group CEO Steve Johnson has urged governments, communities and the industry to work together to tackle climate change effects.

AMP sheds 47% of profit

AMP Ltd has reported a 46.6% slump in underlying FY19 profit on FY18, to $485m, which it said reflected a “challenging environment in Australian wealth management, offset by strong earnings in AMP Capital and resilient AMP Bank performance.

Public hearings start for bushfire inquiry

The House of Representatives Standing Committee on the Environment and Energy will start public hearings for its inquiry into vegetation and land management relating to bushfires.

APRA wants more insurance data transparency

APRA has proposed publishing greater breadth of industry-aggregate data for the general insurance (GI) and life insurance (LI) sectors. In a letter to industry today, APRA said it planned to determine all class of business data for GI and all product group data for LI as non-confidential, unless sensitive commercial reasons were determined.    APRA…

Coronavirus exposure ‘insignificant’: Hannover Re

Hannover Re expects minimal exposure to losses from the coronavirus outbreak, CEO Jean-Jacques Henchoz said in a press conference call last week. Henchoz said it was too early to assess losses, Hannover Re’s management was confident the company had limited exposure to pandemic risk in Asia and business interruption losses related to infectious disease. According…

AMP confirms CFO appointment

AMP Ltd has confirmed the appointment of James Georgeson as CFO from February 3. Georgeson has been AMP’s acting CFO since August 2019. He will now formally join AMP’s group leadership team, reporting directly to chief executive Francesco De Ferrari.