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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
Markel appoints Lisa Mitchell as Head of Claims, Australia
18th December 2023
Markel Group Inc.'s insurance subsidiary, Markel, has appointed Lisa Mitchell as Head of Claims, Australia, based in Melbourne, reporting to Managing Director, Rory Morison. Rory Morison, Managing Director, Australia at Markel, commented on the appointment, "We are very pleased to welcome Lisa to the team. The appointment of an industry leader ... Read the full article
Growing protection gap in insurance threatens Australians’ financial security: Andrew Hall
28th November 2023
In a recent speech at the National Press Club, Insurance Council of Australia (ICA) CEO Andrew Hall warned of a widening "protection gap" in the insurance market, posing a significant threat to Australians' financial security. Hall highlighted the challenges posed by increasing natural disasters, urbanisation, and global megatrends that are reshaping ... Read the full article
IAG joins Australia’s Cyclone Reinsurance Pool
13th November 2023
Australian insurance giant IAG has joined the Federal Government’s Cyclone Reinsurance Pool, administered by the Australian Reinsurance Pool Corporation (ARPC). According to IAG, the Pool aims to "reduce insurance premiums for eligible policyholders in cyclone-prone areas of Queensland, the Northern Territory, and Western Australia." IAG said it will pass on savings from ... Read the full article
Arch Australia launches new cyber practice with senior appointment
9th November 2023
Arch Insurance Australia has established a new cyber insurance practice, naming Rachel Green as National Cyber Underwriting Manager for Australia and the Pacific region, effective immediately. According to Arch, the cyber practice will offer excess and primary insurance products spanning cyber, IT liability, and cyber property, "providing comprehensive solutions to brokers ... Read the full article
Coalition launches Active Cyber Insurance in Australia
6th November 2023
Coalition has introduced its suite of Active Cyber Insurance products in Australia. This insurance offering is designed to go beyond risk transfer, actively assisting organisations in understanding their cyber risk profiles, enhancing their cybersecurity defenses, and proactively preventing future cyberattacks, the company said. In recent years, Australia has witnessed numerous high-profile cyber ... Read the full article
Markel expands leadership team in Australia with senior hires
31st October 2023
Markel, the insurance operation within Markel Group Inc., has expanded its leadership team in Australia with the appointments of Ahmed Farag as Head of Casualty and Kym Beazleigh as Head of Professional and Financial Risk (PFR) and Head of Sydney. Markel describes Farag as having a strong reputation in the Casualty ... Read the full article
PERILS raises final industry loss estimate for SE Australia floods to AUD 965m
27th October 2023
Zurich-based catastrophe insurance data provider PERILS has disclosed its fourth and final industry loss estimate for the October 2022 Southeast Australia floods, increasing it to AUD 965 million. This latest figure compares to PERILS’ previous loss estimates of AUD 907 million, released on 27 April, AUD 840 million, released ... Read the full article
Markel Australia hires Stephen Rogers as Head of Queensland
19th October 2023
Markel, a global specialty insurer, has announced the appointment of Stephen Rogers as Head of Queensland. According to the firm, Rogers' appointment furthers the company's mission to serve the Australian market with a high-quality local presence. Based in Brisbane, Rogers is Markel's second appointment in Australia, and he will report to Melbourne-based ... Read the full article
Markel strengthens in Australia with in-country leader & new offices
14th September 2023
Markel has announced the appointment of Rory Morison as the Managing Director of its Australian business, who will lead three new offices in the country that are set to open this month. The new offices are based in Sydney, Melbourne, and Brisbane. Markel Australia will focus on providing underwriting solutions to ... Read the full article
Australia selects ICEYE for flood and bushfire data to strengthen disaster response
7th September 2023
ICEYE, a provider of natural catastrophe solutions and insights, has been selected by the Federal Government of Australia to bolster disaster response by supplying near real-time flood and bushfire hazard data for all states and territories across the country. Record-breaking flood and bushfire events have been experienced by several states and ... Read the full article
Australian insurance industry sees net profit growth in H1: APRA
4th September 2023
The general insurance industry saw a net profit after tax of $4.6 billion with strong underwriting results in the first half of 2023, according to statistics published by the Australian Prudential Regulation Authority (APRA). APRA has recently released its Quarterly General Insurance Performance Statistics publication which provides aggregate summaries of financial ... Read the full article
Australian home insurance premiums jump 28% YoY
14th August 2023
According to new research released by the Actuaries Institute, Australian home insurance premiums have jumped by 28% in the past year, the largest increase in two decades, driven by inflation, natural disasters, reinsurance costs, and climate change. The research by the Actuaries Institute found that the median home insurance premiums rose ... Read the full article
Chubb announces senior appointments for Asia, Australia and NZ
11th August 2023
Property and casualty insurance giant Chubb has announced the appointments of dedicated and separate leadership to run its businesses in Asia and Australia & New Zealand, respectively. Chris Gough has been appointed as the Head of P&C for Asia. In his new role, he will report directly to Paul McNamee, Regional ... Read the full article