Australian class action landscape set to significantly evolve in 2020 after recent decisions

Australian class action landscape set to significantly evolve in 2020 after recent decisions

Australian class action landscape set to significantly evolve in 2020 after recent decisions

The fast-evolving Australian class actions landscape is likely to see “significant” change in 2020, according to Chris Pagent of Australian law firm Corrs Chambers Westgarth. Some of the change will be be welcomed by risk managers battered by the rapid rise in actions over recent times, but some will not. The big driver of positive change from a defendant’s perspective…

Insurance Council of Australia declares Covid-19 a catastrophe but BI claims largely excluded

Insurance Council of Australia declares Covid-19 a catastrophe but BI claims largely excluded

Insurance Council of Australia declares Covid-19 a catastrophe but BI claims largely excluded

The Insurance Council of Australia (ICA) has declared coronavirus (Covid-19) an insurance catastrophe and tried to clarify what is and what is not covered under various lines of business, but conceded that the extent of claims and losses is unknown at this point in a fast-changing situation. The ICA, which represents virtually all Australian insurers, said an insurance industry taskforce…

Australian hailstorms to cost property insurers $670m

Australian hailstorms to cost property insurers $670m

Australian hailstorms to cost property insurers $670m

PERILS, the Zurich-based catastrophe modelling firm, has estimated the insured property loss for the hailstorms that hit the Australian states of Victoria, New South Wales, Queensland and the Australian Capital Territory on 19-21 January at A$670m. The firm explained that the hailstorms were created by a large-scale weather pattern that affected the three states along Australia’s east coast. This created…

Ed boosts professional risk team

Ed boosts professional risk team

Ed boosts professional risk team

Broker Ed has appointed Chloe Cox and Alex Atkinson as divisional directors of its professional and executive risk team in London. In particular, the new directors have been tasked with expanding the broker’s North America and Australia/New Zealand wholesale books. Ms Cox, who joins Ed from Marsh JLT Specialty, and Mr Atkinson will report to James Baird. Mr Atkinson was…

Australia braces for more cat losses as Esther threatens to re-intensify

Australia braces for more cat losses as Esther threatens to re-intensify

Australia braces for more cat losses as Esther threatens to re-intensify

Australian citizens and insurers are bracing themselves for another week of catastrophic losses as former Tropical Cyclone Esther tracks an unpredictable path across northern Australia and could re-intensify later in the week, according to the Bureau of Meteorology which described it as “a remarkable system”. Australia is still picking up the pieces of months of devastating bushfires that will cost…

Acceleration in coronavirus numbers hammers Asia-Pacific manufacturing figures

Acceleration in coronavirus numbers hammers Asia-Pacific manufacturing figures

Acceleration in coronavirus numbers hammers Asia-Pacific manufacturing figures

Leading economies in the Asia-Pacific region are feeling the impact of the coronavirus outbreak, as manufacturing figures in Japan and Australia slumped and South Korea’s exports to China fell – a key bellwether of the health of the regional economy. The gloomy manufacturing and export figures came as the World Health Organization reported on Sunday morning (23 Feb) central European…

Rate hikes help boost QBE profits

Rate hikes help boost QBE profits

Rate hikes help boost QBE profits

Natural catastrophe losses in Australia and North America did not stand in the way of QBE posting a 41% increase in after tax profits to A$550m for 2019. Australia’s second-largest listed insurer benefited from rising prices and an improved combined ratio across its portfolio. QBE saw a full-year average rate increase of 6.3%, with an average rate increase of 8.3%…

Australian catastrophes demand shift in emphasis from cleanup to prevention

Australian catastrophes demand shift in emphasis from cleanup to prevention

Australian catastrophes demand shift in emphasis from cleanup to prevention

The half-year results just published by two of Australia’s leading insurers – Suncorp and Insurance Australia Group (IAG) – show the immediate financial impact of the recent spate of natural catastrophes to hit the country. They also show the urgent need for the national emphasis to shift from damage repair and cleanup post-event to loss prevention, risk mitigation and management.…

Asian commercial insurance prices rise by highest level in five years: Marsh

Asian commercial insurance prices rise by highest level in five years: Marsh

Asian commercial insurance prices rise by highest level in five years: Marsh

Commercial insurance pricing in Asia showed the highest increase in five years in the fourth quarter of 2019, according to Marsh’s quarterly Global Insurance Market Index. Double-digit increases in property premiums were, however, compensated by liability prices still falling by up to 10% in some Asian countries. The Pacific region had the largest composite pricing increase in the index at…

Coronavirus to cost global economy more than $280bn in Q1 but supply chain risk uncertain

Coronavirus to cost global economy more than $280bn in Q1 but supply chain risk uncertain

Coronavirus to cost global economy more than $280bn in Q1 but supply chain risk uncertain

Economic disruption caused by the coronavirus will cost the world economy more than $280bn in the first quarter of this year and means global GDP will not grow on a quarter-by-quarter basis for the first time since 2009, according to leading independent economic research company Capital Economics. The research firm produced this worrying estimate on the basis that the virus…

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