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Australia: Insurers feel the pressure of social media
The use of social media to “pressure” insurers into paying out claims is costing companies millions and driving up premiums, according to the Insurance Council of Australia (ICA).

Source : AIR | 01 Jan 2018
Australia: New approaches needed with changing claim trends
Claim trends are changing among young policyholders. The first private health insurance claims filed by young women today is predominantly a mental health claim while women having their first baby are no longer the hook it once was to buy private health insurance.

Source : AIR | 01 Oct 2017
Australian Insurance Industry Awards
Congratulations to Australia’s Best!

Source : AIR | 01 Oct 2017
Australia: With the world at tipping point, risk managers hold sway
With increasing risk scenarios in the social, political, and business domains, the world is at a tipping point where people are ready for change, and change is inevitable, said Mr Kevin Bates, President, Risk Management Society’s (RIMS) Australasia Chapter, citing Trumpism, Brexit, and a 21-year-old Singaporean swimmer dethroning all-time most decorated swimming Olympian as almost unpredictable events where the betting world was offering huge odds.

Source : AIR | 01 Oct 2017
Australia: Policyholders urged to use their insurer's pool of health providers
Health insurance customers, who use their insurer’s pool of health providers, can save hundreds of dollars more a year. For those making extras claims relating to dental, optical, physiotherapy and chiropractic treatments, experts are urging policyholders to make sure they know they can access many treatments and reduce their out-of-pocket expenses, reported news.com.au

Source : AIR | 01 Nov 2017
Australia: Michael Rice named Actuary of the Year
The Actuaries Institute has named Mr Michael Rice 2017 Actuary of the Year in recognition of his ongoing dedication to his profession, the industry and the formation of good public policy across Australia’s superannuation and retirement sectors.

Source : AIR | 01 Nov 2017
Australia: Gallagher Bassett on the lookout for acquisitions
Gallagher Bassett’s Australian operations is looking for further growth through acquisition across Australia and New Zealand, as well as expansion into Asian markets, using Australia as a home base.

Source : AIR | 01 Nov 2017
Australia: International Cyber Engagement Strategy launched
The Australian government has launched a new International Cyber Engagement Strategy which outlines its cyber affairs agenda for the next three years, and creates the environment for digital trade to generate economic growth for the country.

Source : AIR | 01 Nov 2017
RMIA: Australasia's risk expertise aims to sail beyond its shores
Mr Scott Ryrie, as CEO of the Sydney-based Risk Management Institute of Australasia (RMIA), is all set to further develop the risk profession in the region and expand RMIA’s foreign membership. We sat down with him during the recent SIRC to find out more.

Source : AIR | 01 Dec 2017
Australia: Legal poser over proposed code for insurance in superannuation
The Association of Superannuation Funds of Australia (ASFA) has said that getting the governance of a proposed Code for insurance right in a complex environment like the superannuation industry is vital.

Source : AIR | 01 Dec 2017
Insuring battleships is no child's play
Ms Melody Caffin, the first Pan-Asia Risk and Insurance Management Association (PARIMA) Australia board member, oversees what is believed to be the largest-ever maritime construction insurance programme in Australia. We speak to her on what her role entails.

Source : AIR | 01 Feb 2018
Asia - Healthcare expenses to reach US$1.96 tln by 2020
Healthcare spending in Asia and Australasia is expected to grow at a CAGR of 5% to top US$1.96 trillion by 2020, up from $1.54 trillion in 2015. Globally, this spending is expected to reach $8.7 trillion by 2020, from $7 trillion in 2015, according to Deloitte’s 2018 Global Health Care Outlook.

Source : AIR | 01 Feb 2018
Australia - Changes to traffic laws and insurance needed for self-driving vehicles
Legislative action and changes to motor insurance are needed in order to accommodate a “high level” of automation on Australian roads in the next five years, according to a report “Transforming Mobility”, a joint initiative from NRMA, PricewaterhouseCoopers (PwC) and transport company Keolis Downer.

Source : AIR | 01 Feb 2018
Asia: InsurTech investments surging strong
InsurTech funding in 2017 rose 36% from the year before to reach US$2.3 billion, according to the latest data published by Willis Towers Watson.

Source : AIR | 01 Mar 2018
Australia: Some health insurers should consider mergers - APRA
Mergers should be at least under active consideration by health insurers with low or negative member growth, and which only have small membership bases to begin with, Mr Geoff Summerhayes, APRA Executive Board Member, has said.

Source : AIR | 01 Mar 2018
Look out for these what-if scenarios - WEF's 10 potential future shocks
The growing complexity and interconnectedness of our global systems can lead to feedback loops, threshold effects and cascading disruptions. Sudden and dramatic breakdowns – future shocks – become more likely, according to the Global Risks Report 2018 published by the World Economic Forum.

Source : AIR | 01 Mar 2018
Commission captures general insurance
Asia Insurance Review invited nine highly respected Australian insurance industry senior executives to share their views during the annual breakfast roundtable in Sydney. Their wide-ranging discussion covered myriad topics including the concerns raised by the Productivity Commission’s interim report on the financial system.

Source : AIR | 01 Apr 2018
Defective building products store up trouble for insurers
Flammable and leaky cladding, sub-standard steel, toxic plasterboard and exploding glass. Emerging construction risks can have a big impact across insurance classes. Mr Nicholas Murphy of Gen Re elaborates.

Source : AIR | 01 Apr 2018
Reinsure terrorism risk for critical infrastructure
Insureds may underestimate critical infrastructure exposures, says Australian Reinsurance Pool Corporation (ARPC). Chief Executive Dr Christopher Wallace elaborates.

Source : AIR | 01 Apr 2018
Severe Thunderstorm Megadisaster Year in Australia - Are you prepared?
Mr Christopher Bednarczyk of AIR Worldwide explains that when it comes to rare but potentially devastating events, examining a wide range of scenarios can help risk managers assess the possible impact to their portfolios and prepare for the unexpected.

Source : AIR | 01 Apr 2018
Australia: P&C insurers rue lack of mitigation investment by govt
The Insurance Council of Australia (ICA) has called the federal Budget announced on 9 May as a “missed opportunity to invest in urgent nation-building mitigation and resilience measures”.

Source : AIR | 01 Jun 2017
Australia: Superannuation changes could save young workers US$377+ per year
The 2018-19 federal budget, announced on 8 May, seeks to protect Australians’ superannuation savings from ‘undue erosion by fees and insurance premiums’. The move could save those aged below 25 up to A$522 ($377) per year, said the financial comparison site, Canstar.

Source : AIR | 01 Jun 2018
Australia: Study shows limitations of life insurance aggregators
Most life insurance product comparison websites (PCWs) receive a similar commission level to qualified financial advisers, according to a study by financial services consulting firm Rice Warner.

Source : AIR | 01 Jul 2017
Australia: Insurance mart Down Under attracts Asian interest
Asian life insurers, led by those from Japan, are buying up their Australian peers amid strong prospects for the country’s insurance market driven by a rising population.

Source : AIR | 01 Jul 2018
Australia: Moderate life growth seen for this year
Life premiums in Oceania, including Australia, are expected to register moderate growth in 2017, supported by savings products as yields have improved slightly, says Swiss Re Institute’s sigma report, “World Insurance in 2016”.

Source : AIR | 01 Aug 2017
Over 50 finalists in Australian Insurance Industry Awards
More than 50 impressive nominees have been selected as finalists for the 2017 Australian Insurance Industry Awards, organised by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and founding partner, Asia Insurance Review.

Source : AIR | 01 Aug 2017
Australia: Retirement income framework being developed
Further development of retirement income strategies will improve retirement income outcomes for superannuation fund members, said Rice Warner, an independent consultancy and research house in financial services, in a submission to the Department of Treasury regarding the Retirement Income Covenant Paper released by the government in May.

Source : AIR | 01 Aug 2018
Dealing with Construction All Risks policy claims
The Australasian Institute of Chartered Loss Adjusters (AICLA) kicked off its 2018 international seminar series with a two-day construction insurance workshop held in Hong Kong from 4-5 June 2018, attended by insurers, brokers and loss adjusters Australia, Hong Kong, Vietnam and Thailand.

Source : AIR | 01 Aug 2018
Australia: Private health insurance - Tax penalty losing bite
The financial incentive to take out private health insurance is diminishing for thousands of Australians, as rising premiums and bracket creep make it cheaper to pay the Medicare Levy Surcharge than to invest in basic health cover.

Source : AIR | 01 Sep 2017
Australia: Productivity Commission urges action on add-on insurance products
The Australian Securities and Investments Commission (ASIC) should proceed as soon as possible with its proposal to mandate a deferred sales model for all sales of add-on insurance by car dealerships, said the Productivity Commission.

Source : AIR | 01 Sep 2018
Product Bites
- Australia: Chubb announces flight delay insurance
- Japan: Swiss Re Corporate Solutions launches tsunami-derivative solution
- Malaysia: New protection solution introduced for migrant workers
- Singapore: Great Eastern partnership to offer industry-first insurance to freelance caregivers
- Global: Now Health International’s innovative mobile pass enhances customer experience
Source : AIR | 01 Sep 2018

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