The impact of recent legislative changes that have made climate disclosure mandatory in Australia will be wide-ranging, according to Xceedance, which provides insurance-focused consulting, technology, operations and data solutions. Businesses are being encouraged to prepare for the likely impact.
Charles Taylor has appointed Mr Allwyn D'Souza as senior surveyor in Sydney, Australia; Mr Duan Mingxin as surveyor in Shanghai, China; Captain Harshvardhan Kumar as director - marine technical services in Australia; Mr Ong Eng Hong as marine surveyor in Singapore and Mr Steve Hawthorne as senior marine surveyor in Hong Kong.
Sydney-headquartered QBE Insurance Group (QBE), one of the world's top 20 general insurance and reinsurance companies, improved its underwriting performance significantly in the past three years, said Fitch Ratings.
Suncorp, one of Australia's leading insurers, is working with technology partners on the modernisation and integration of its core policy, pricing and customer platforms as it continues its journey to becoming a digital insurer.
The Australian Prudential Regulation Authority (APRA) is studying ways to promote general insurers' access to reinsurance, including alternative reinsurance arrangements.
In the face of challenges, Australian insurers can look to global peers for inspiration in raising their own productivity, according to an article published by the global consulting firm, McKinsey & Company.
Liberty Mutal Insurance has appointed to its recently formed APAC team Mr David Tam as chief information officer; Mr Robert Mercer as head of claims; Mr Tibor Nagy as CFO, effective 6 January 2025 and Ms Vidhi Kapoor as regional head of HR, effective 6 January 2025.
Despite increasing premiums, the profitability of home insurance has declined significantly with many insurers and underwriters making substantial losses, according to a discussion paper released by The Australian Institute, an independent public policy think tank. The Institute which has offices in Canberra, Hobart, Melbourne and Adelaide
Australia's climate has warmed by an average of 1.51 ± 0.23 °C since national records began in 1910. Sea surface temperatures have increased by an average of 1.08 °C since 1900. The warming has led to an increase in the frequency of extreme heat events over land and in the oceans.
Insurance rates in the Pacific region, dominated by the Australian market, dropped by 6% in the third quarter of 2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.