Reinsurance News
australia
Australia hit with more destructive floods
14th October 2022
At least 500 homes have been flooded in southeast Australia after the region was inundated with heavy rain yesterday, resulting in evacuations across three states. Rivers across New South Wales and Victoria, as well as the island state of Tasmania, are rising dangerously after some areas received four times their average ... Read the full article
APRA Deputy Chair outlines significance of learning from BI insurance lapse
31st August 2022
In her speech at the Risk Australia 2022 conference, Australian Prudential Regulation Authority (APRA) Deputy Chair, Helen Rowell commented on the issues arising from the unclear pandemic coverage under Business Interruption (BI) insurance, outlining the significance of learning from this experience to avoid a repeat in the future. In the ... Read the full article
Climate change negatively impacting home insurance affordability in Australia: Finity
30th August 2022
The severe impact of climate change is widening the gap in home insurance affordability for Australian households, says a recent green paper report from Finity. The Australian insurance industry has seen increasing losses from extreme weather-related events over the last ten years, despite allowing for inflation and exposure growth. 2022 has ... Read the full article
ACIL suggests cross subsidisation could boost cyclone reinsurance pool
19th August 2022
The Australian Consumers Insurance Lobby (ACIL) has published a number of measures for Australia’s Federal Government to consider in order to drive premium savings from the cyclone reinsurance pool to the levels needed to assist policyholders. The ACIL fears the cyclone reinsurance pool, administered by the Australian Reinsurance Pool Corporation (ARPC), ... Read the full article
Berkshire (BHSI) hires Jake Hesson to launch commercial hull line in Australasia
8th August 2022
Berkshire Hathaway Specialty Insurance (BHSI) has announced that it has appointed Jake Hesson to the role of Underwriting Manager, Marine for Australasia. The appointment comes as the company has announced that it is expanding into the Commercial Hull segment in Australasia. Hesson brings more than 20 years of experience in the insurance ... Read the full article
Suncorp continues simplification with sale of bank arm
18th July 2022
Suncorp Group has announced that it has signed a share sale and purchase agreement with Australia and New Zealand Banking Group Limited (ANZ) to sell its banking business. ANZ has agreed to a $4.9 billion deal to acquire Suncorp’s banking arm in a bid to boost the size of its mortgage ... Read the full article
Secondary perils persist in Australia and New Zealand
12th July 2022
Insurers and reinsurers are having to adapt to the prospect of higher frequency secondary perils and the uncertainties of climate change. Following years of large catastrophe losses, and the record-breaking floods of February and March 2022, June and July renewals were a market-changing event for Australia. Australia and New Zealand, at ... Read the full article
ICA declares Australian floods to be ‘significant event’
5th July 2022
The Insurance Council of Australia (ICA) has declared a ‘significant event’ for regions of New South Wales impacted by significant storm and flooding over the past few days. This means that the ICA's preliminary catastrophe processes have been activated, assisting the ICA and insurers to assess the insurance impact of the ... Read the full article
Reinsurance Pool modelling data reveals 1/4 of Australian homeowners will see premium increases
4th July 2022
The Australian Reinsurance Pool Corporation has released the modelling data used to design the Northern Australia Reinsurance Pool, revealing the impact the scheme is likely to have on premiums across the region. The report indicates up to 24 per cent of residential home policyholders in Queensland with minimal cyclone ... Read the full article
Gallagher Re finds pricing in Australia market up by 25% in spots
4th July 2022
According to Gallagher Re’s latest mid-year renewals report, property reinsurance rates in some cases in Australia has increased by up to 25%. In their 1st View Report, the broker stated that it was a much later and tougher renewal than normal, with reinsurers seeking additional information on the impact of flood ... Read the full article
Australia floods again, with Sydney area badly hit
3rd July 2022
Australia has been hit by more significant rainfall and strong winds as an East coast low batters the country, with parts of Sydney particularly badly hit as 350 mm of rainfall has been recorded and numerous rivers reach flood stage. Thousands of households have been told to evacuate due to flood ... Read the full article
APRA finalises prudential framework changes to support cyclone reinsurance pool
29th June 2022
The Australian Prudential Regulation Authority (APRA) has finalised amendments to the prudential framework for general insurers, to support the operation of the government’s cyclone and related flood damage reinsurance pool. The legislation was passed through in March 2022 and will be administered by ARPC. Changes to GPS 001, GPS 114, GPS 116 ... Read the full article
Australian P&C reinsurance rates to rise: S&P
29th June 2022
Property and casualty excess reinsurance rates are likely to rise further, according to S&P Global Ratings latest report. The rating agency has recently assessed the country’s insurance sector as low risk, incorporating recent headwinds across catastrophes, claims inflations and reinsurance cost, among others. In recent years, the country has been seeing a ... Read the full article
PERILS lowers insured loss estimate for southern Australia storms to AUD 1.016bn
13th May 2022
PERILS, the catastrophe loss aggregator, has released its third and lowest insured loss estimate for the southern Australian severe storms which occurred in late October 2021, of AUD 1.016 billion. Back in January, PERILS released its second estimate which reaffirmed its first loss report, pegging the insurance industry loss from ... Read the full article
APRA proposes changes to better support cyclone reinsurance pool
3rd May 2022
The Australian Prudential Regulation Authority (APRA) has released a letter to all general insurers, proposing amendments to the prudential framework to support the operation of the government's cyclone and cyclone related flood damage reinsurance pool. The legislation was passed through in March 2022, which enabled the government to begin to ... Read the full article
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