The Insurance Council of Australia (ICA) has urged households to prepare their homes and review their insurance coverage ahead of the severe weather season, warning that the declaration of El Niño does not guarantee a dry summer. The Bureau of Meteorology has declared the climate phenomenon, which has historically been associated with drier conditions in eastern Australia. However, the country is on track for its wettest El Niño year on record, with widespread storms affecting parts of Queensland and the Northern Territory in October.
Insurers in Australia and Japan have the greatest exposure to weather-related losses among major APAC markets, while solid capital buffers and adaptive underwriting will help mitigate rising risks.
Australia's Cyclone Reinsurance Pool has passed A$1bn ($702m) in claims paid since commencing operations in 2022, as the Australian Reinsurance Pool Corporation (ARPC) today released its 2025-26 Annual Report.
Halliwell has further strengthened its presence in APAC with the acquisition of Maynard Marks, one of New Zealand's leading property and building consultancies.
Australian asset management and annuity provider Challenger's board has rejected a $4.4bn takeover bid from the Japanese Daiichi Life Group.
A new strategic partnership between AIA Australia and Allianz Australia Life Insurance (Allianz Retire+) aims to address a retirement gap by combining health and wellbeing expertise with guaranteed lifetime income solutions as more than 2.8 million Australians prepare to retire over the next decade.
Australian insurers have called for flood planning rules to be mandatory rather than discretionary. The Insurance Council of Australia (ICA) has said that mandatory rules will bring greater consistency, accountability and transparency to how flood risk is managed across the state of Victoria.
The Insurance Council of Australia (ICA) has submitted a strengthened General Insurance Code of Practice to the Australian Securities and Investments Commission (ASIC) following consultations with consumer groups, regulators, government and insurers. Announced on 22 October, the revised code aims to strengthen consumer protection through legally enforceable obligations, improved support for vulnerable customers and those experiencing financial hardship, and greater transparency and accountability in claims handling.
The Australian Reinsurance Pool Corporation (ARPC) has released its latest Cyclone Reinsurance Pool Premium Assessment, finding that improvements in insurance affordability and availability in higher cyclone risk areas have been sustained.
Hollard Insurance Australia has appointed Mr Mark Adams Chief Risk Officer.