Reinsurance News
australia
IQUW expands FortiFI coverage to the Australian market with new territory-specific wording
5th November 2024
Re/insurance provider IQUW has announced that its Financial Institutions (FI) product, FortiFI, will introduce updated policy terms tailored for the Australian market by the end of October 2024. Originally launched in the US earlier this year, FortiFI is among the few comprehensive FI solutions available that includes integrated Cyber coverage. This new ... Read the full article
WTW announces new leadership to support ongoing growth in Australia and New Zealand
3rd July 2024
WTW, an advisory, broking, and solutions firm, has named Aon's James Baum as the Head of Australia and New Zealand and the Head of Corporate Risk & Broking (CRB) for these regions, starting on July 15. Simon Weaver will continue his duties as WTW Head of Asia Pacific and Head of ... Read the full article
PERILS raises industry loss for 2023 Australia Christmas storms to AU$1.6bn
1st July 2024
Zurich-based catastrophe insurance data provider PERILS AG, has provided a third update on the insured loss estimate for the Australia Christmas storms which impacted the states of Victoria, New South Wales, and Queensland during the period of 23 to 29 December 2023, lifting the figure to AU$1.563 billion (US$1.04 billion). Read the full article
DWF boosts Australian presence with Proclaim acquisition
28th June 2024
DWF, a provider of integrated legal and business services, has announced its acquisition agreement with Proclaim, a claims management business in Australia, aiming to enhance its presence in the country. Group CEO, Sir Nigel Knowles, commented: "This acquisition will mark a significant step forward in our growth strategy, reinforcing our commitment ... Read the full article
Fusion Specialty and HDI Global Specialty SE expand partnership into the Americas
20th June 2024
Fusion Specialty, a provider of specialty insurance solutions, has announced the expansion of its global collaboration with HDI Global Specialty SE, a specialty insurer, which is now extending into the Americas. This partnership will offer increased capacity for representations and warranties (R&W), tax, and contingent insurance lines. David Rogers, Fusion’s Executive Chairman, ... Read the full article
ICA welcomes NSW budget’s major investments in resilience and flood protection
18th June 2024
The Insurance Council of Australia (ICA), the representative body for the Australian insurance industry, praised the New South Wales (NSW) Government's 2024-25 budget for its significant resilience funding, aimed at improving community protection and insurance affordability. Andrew Hall, CEO, Insurance Council of Australia, commented: "Today’s budget announcements are important investments in ... Read the full article
CFC enhances fintech insurance coverage
12th June 2024
CFC, an insurance provider known for emerging risks in the cyber insurance market, has announced a significant update to its fintech insurance coverage. This revamped offering, available in the UK, Canada, and Australia, provides a streamlined, comprehensive solution that addresses both professional service and technology risks faced by today's fintech sector. “It’s ... 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
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
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
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
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
PERILS raises industry loss estimate for SE Australia flooding to AUD 907m
27th April 2023
Zurich-based catastrophe insurance data provider PERILS AG has disclosed its third industry loss estimate for the October 2022 Southeast Australia floods, noting the event cost the insurance industry a total of AUD 907 million. PERILS explains that the updated figure is based on detailed loss data by postcode and line of ... Read the full article
Aon’s Reinsurance Solutions names head of Treaty in Australia, New Zealand
26th April 2023
Global insurance and reinsurance broker Aon appointed Paul Grasso as head of Treaty in Australia and New Zealand for Reinsurance Solutions. Grasso, who has demonstrated expertise in the field, will assist clients in maximizing their capital in a reinsurance market that is becoming more sustainable. Previously, Grasso served as Aon’s head of ... Read the full article
Global business insolvencies expected to rise in 2023, 2024: Allianz Trade
17th April 2023
Global business insolvencies are expected to rise +21% in 2023 and +4% in 2024, after a small rebound by +2% in 2022 after two years of decline due to the pandemic, according to Allianz Trade. The trade credit insurer noted global business insolvencies might stay -5% below their pre-pandemic levels ... Read the full article
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