Country: Pacific Page 5 / 103
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- October 28 2024
Insurers cover 99% of eligible under cyclone pool scheme: ARPC
The annual in-force cyclone pool premiums were approximately US$343m for home policies, US$34m for strata and US$16m for SME policies.
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- October 28 2024
NZ’s Maritime Mutual clarifies its coverage of dark-fleet tanker involved in fire ceases on violation of sanctions
The Lloyd's backed P&I club that is believed to be the insurer to tanker that caught fire off Malaysian coast in July, said in a statement said that no payment is made to any party to a claim it would breach international sanctions.
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- October 25 2024
Dual Australia promotes Daniel Brown to head financial lines team
Sydney-based Brown was most recently New South Wales manager for the Howden-owned MGA.
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- October 25 2024
Pacific rates drop 6% in Q3 driven by declines in finpro, cyber and property lines: Marsh
Finpro premiums was down 14%, while cyber cover saw a 11% disclose and property declined 6% as increased competition and capacity weighed on ratings.
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- October 24 2024
IAG on track to deliver FY 2025 guidance: CEO
The Australian carrier has guided an insurance margin of 13.5-15.5%, and GWP growth of ‘mid-to-high single digit' in the current financial year.
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- October 24 2024
Lloyd’s launches disaster risk facility for Pacific island nations
The vehicle, developed with Aon and the UN, aims to be replicated throughout the Pacific region as well as Asia, the Caribbean and Africa.
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- October 24 2024
Marble Re’s underwriting profitability to remain stable: AM Best
AM Best has affirmed the captive reinsurer’s rating at A- (excellent) with a stable outlook, driven by its strong balance sheet and strong operating performance.
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- October 24 2024
Lloyd Warwick International appoints Scott McNeill as natural resources loss adjuster
Perth-based McNeill (pictured) is a chartered civil engineer and project manager with 19 years of experience in engineering, construction and insurance.
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- October 23 2024
Australian consumer body urges regulatory intervention on general insurance guidelines
Australian Consumers Insurance Lobby highlighted inadequate standards prevalent in expert reports while handling insurance claims processes.
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- October 23 2024
Sedgwick appoints Nigel Lloyd as director of resources and power generation
Perth-based Lloyd has 12 years of experience managing complex claims in the resources, power generation and construction sectors.
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- October 23 2024
ASIC sues QBE for allegedly misleading customers over loyalty discounts
The corporate regulator said the insurer's pricing model reduced the discounts promised to customers on policy renewals.
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- October 23 2024
Ardonagh-backed Cornerstone Risk Group continues NSW expansion with Tony Barlow Insurance buy
This the Brisbane-headquartered broker's second acquisition in New South Wales this year.
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- October 22 2024
Cyclone pool earned premiums ‘significantly’ lower than expected: ARPC
The 2024 Financial Outlook Report by the Australian Reinsurance Pool Corporation stated that the cyclone pool recorded an overall surplus of US$291m in FY 2024.
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- October 22 2024
Australia financial services minister defends brokers commisions
Minister Stephen Jones confirms that broker commissions are safe and they are not the issue at the heart of the recent allegations from the Australian Broadcasting Corporation on hidden fees and secret kickbacks in the strata industry
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- October 22 2024
Australian financial ombudsman tells Suncorp to scrap 60% home premium hike: report
The action against the carrier follows recent regulatory fines against several insurers over allegations of mispricing and a class action suit against IAG over excessive hikes in home insurance renewal premiums.
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- October 22 2024
General insurers’ bodies urge heads of Commonwealth nations to discuss extreme weather impact
The four associations agreed that as extreme weather intensifies, populations expand and more homes are put in harm’s way, the insurance protection gap will widen.
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- October 21 2024
Axa XL grows Australia presence with three senior hires in Perth
It has hired senior underwriters Chris McElroy from BHSI for property, Amanda Rattue from Vero for financial lines Trent Jeuring from Chubb for casualty.
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- October 18 2024
Australian flood inquiry report makes 86 suggestions after insurers’ ‘collective failure’
The Parliamentary inquiry into carriers' flood response highlights mishandling of cases, inconsistent decision making and long delays, and calls for government intervention to mitigate risk related to the fast-growing number of uninsurable properties,
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- October 18 2024
Analytics: Australian intermediated premiums grow 8.2% in 2023-24
While the GWP placed with Lloyd’s in the 12 months grew at a comparable pace, business placed with unauthorised foreign insurers declined marginally.
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- October 17 2024
APRA urges carriers to reflect on MGA risks, prioritise 2025 prudential standards
Executive board member Suzanne Smith said that a focus for the regulator in the coming year is the risk associated with outsourced underwriting to agencies.
