According to Insurtech Australia CEO Simone Dossetor, AI is being explored within the insurance sector, "but with different levels of maturity".
BMS Australia has appointed Ms Dianne Riopelle as client manager and Mr Toby Lucas as client executive. Both appointments are to the energy team.
Cyber incidents such as ransomware attacks, data breaches, and IT disruptions are the biggest worry for companies in Australia, according to the Allianz Risk Barometer 2024, the 13th edition to date. Cyber risk dislodges natural catastrophe risks as the topmost risk in the country.
Markel has appointed Ms Alvernia Xu as head of operations - APAC; Ms Anna Tan as senior underwriter, fine art and specie; Ms Isabelle Wong as cargo underwriter; Ms Jenny Choi as senior underwriter, casualty and Ms Olga Wong as senior underwriter, professional financial risk.
The number of Australians with complex financial advice needs will grow by 70% in 25 years - from 4.3m to 7.2m. However, regulatory design has favoured default settings and ignored Australian consumers requiring more complex and personalised financial advice, said the Financial Services Council (FSC).
Resolution Life Australasia's has reported a net loss of A$151m ($98.27m) in 2023 (2022: profit of A$310m) under the new accounting standard, IFRS17, notes Fitch Ratings.
Fitch Ratings is reviewing the ratings of Suncorp Group Limited (SGL, A+/Rating Watch Negative (RWN)) and its main non-life insurance subsidiary, AAI Limited (A+/RWN), as more detail on the group's capital position becomes available following the completion of the group's bank sale on 31 July 2024.
The number of excess deaths in Australia more than halved in 2023 following a steep decline in the number of people dying from COVID-19, research published by the Actuaries Institute shows.
Increased risk from Nat CAT, as triggered by climate change, is set to complicate "an already intricate business risk landscape", according to WTW's Natural Catastrophe Review: Expert insights, lessons learned and outlook, published earlier in July.
nib has appointed Mr Ed Close as managing director and CEO. He is expected to formally take up his position at nib before the end of calendar year 2024. He will take over from Mr Mark Fitzgibbon, who will retire on 1 September 2024.