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Arthur J. Gallagher acquires Australia’s Prasidium Credit Insurance
25th April 2024
Global insurance brokerage Arthur J. Gallagher & Co. has announced the acquisition of Australia-based Prasidium Credit Insurance (Prasidium). Prasidium is a specialist trade credit insurance broker serving clients throughout Australia. Established in 2015 in Sydney, the company has grown quickly to become a national specialty trade credit broker. The company reportedly ... Read the full article
CFC acquires Australian MGA Solution Underwriting
17th April 2024
Specialist insurance provider, CFC, has agreed to acquire Australian managing general agent (MGA), Solution Underwriting, in a move that is set to expand the company's footprint in Australia. Headquartered in Melbourne, with offices located in Sydney, Brisbane and Perth, Solution is a specialist insurance underwriter that particularly focuses on financial lines ... Read the full article
Australia’s weekend storm declared a ‘Significant Event’ by ICA
10th April 2024
The Insurance Council of Australia (ICA) has declared the severe storm that hit the country’s east coast at the beginning of April a ‘Significant Event’. According to ICA, insurers have received 11,527 claims to date from the storms that caused heavy rainfall, damaging winds and flash flooding, which greatly impacted the ... Read the full article
PERILS raises industry loss for Australia Christmas storms to AU$1.55bn
3rd April 2024
Zurich-based catastrophe insurance data provider PERILS AG has provided a second update on the insured loss estimate for the Australia Christmas Storms, which affected the states of Victoria, New South Wales, and Queensland, lifting the figure by 11% to AU$1.547 billion (USD 1bn). In February, PERILS disclosed its initial industry ... Read the full article
Newline Australia opens in Sydney with Beswick as Head of Professional Indemnity
26th March 2024
Specialty insurer Newline Group has expanded into Sydney with the opening of Newline Australia Insurance Pty Ltd, and has named Nicholas Beswick as Head of Professional Indemnity. “Establishing offices in key territories is part of our ongoing strategy to be closer to our distribution partners and clients,” said Bob Pollock, CEO ... Read the full article
HDI Global Specialty hires Ritchie as Head of Single Risk, Australia & NZ
13th March 2024
HDI Global Specialty SE - Australia (HDI) has hired Paula Ritchie as Head of Single Risk - Australia and New Zealand, effective March 11, 2024. She joins the organisation with over 25 years of industry experience. She joins HDI following a previous stint at Arch Insurance Australia, where she served as Underwriting ... Read the full article
Australia’s Valentine’s Day storms estimated industry cost hits $104m: ICA
8th March 2024
The Insurance Council of Australia (ICA) has revealed that claims for the severe thunderstorms that impacted Victoria on Valentine’s Day have risen to 19,932, with an estimated cost to the industry so far of $104 million. According to the ICA, around 85% of claims are related to home and contents damage, ... Read the full article
MGA Mustard partners with Sovereign Insurance Australia for enhanced market solutions
5th March 2024
Mustard Underwriting Pty Ltd (Mustard), a specialist MGA, recently announced its new partnership with Sovereign Insurance Australia (SIA). Through this partnership, Mustard has gained financial backing and underwriting support. This means Mustard can now offer agents various personalised insurance products for individuals within the Australian and New Zealand markets. Damian Chadwick, CEO ... Read the full article
Australian summer insured cat losses reach $1.2bn: ICA
4th March 2024
The Insurance Council of Australia (ICA) has revealed that losses from declared insurance catastrophes over the summer have now reached $1.2 billion. According to the ICA, the two major events in this period were Ex-Tropical Cyclone Jasper, which impacted regions from Cape York Peninsula to Townsville from 10 to 16 December, ... Read the full article
PERILS estimates AU$1.4bn industry loss for Australia Christmas storms
14th February 2024
Zurich-based catastrophe insurance data provider PERILS AG has disclosed its initial industry loss estimate for the Australia Christmas storms which affected the states of Victoria, New South Wales, and Queensland, pegging the total at AU$1.395 billion ($903 million). PERILS noted that this initial estimate is based on loss data collected from ... Read the full article
ICA calls for resilience budget raise to better protect Australians
1st February 2024
The Insurance Council of Australia (ICA) has called on the Albanese Government to guarantee that the next Federal Budget includes an ongoing fund of $250 million a year to buy back and raise homes that are exposed to extreme flood risk. Contained in its Pre-Budget submission, the ICA has said that ... Read the full article
Sedgwick names Jonathon Vaisey as Head of Major and Complex Loss Property in Australia
23rd January 2024
In a strategic move to bolster its capabilities in the Australian market, Sedgwick, a global leader in technology-enabled risk, benefits, and integrated business solutions, has named Jonathon Vaisey as its Head of Major and Complex Loss Property. Vaisey, an industry veteran with over two decades of experience as a chartered loss ... Read the full article
Claims from Australian storms & tropical cyclone Jasper hit 28,000: Suncorp
17th January 2024
Australian primary insurer Suncorp is reportedly dealing with nearly 28,000 total insurance claims (including more than 20,000 claims for homes) across Queensland, New South Wales and Victoria from the recent storms and flooding that have impacted the east coast alongside tropical cyclone Jasper. Just after the new year, Suncorp announced ... Read the full article
ICA reports significant rise in claims for Australian Christmas storms
29th December 2023
Insurance companies have received 18,174 claims related to the recent storms across Queensland, New South Wales and Victoria, with the Insurance Council of Australia (ICA) highlighting escalating severity and threat of further extreme weather events over the coming days. Earlier this week, the ICA declared a ‘Significant Event’ for the ... Read the full article
Cyclone Jasper sparks Australian floods, expected losses in the hundreds of millions of AUD / USD: Aon
22nd December 2023
In the aftermath of ex-tropical cyclone Jasper, which made landfall on December 13, far north Queensland, Australia, is grappling with unprecedented flooding that has led to emergency rescues, power outages, and substantial material losses. According to Aon’s latest weekly cat report released on December 22, the situation, exacerbated by record-breaking torrential ... Read the full article