ICA launches trades register to help spot dodgy ‘tradies’ as bushfire losses near A$1.4bn

ICA launches trades register to help spot dodgy ‘tradies’ as bushfire losses near A$1.4bn

ICA launches trades register to help spot dodgy ‘tradies’ as bushfire losses near A$1.4bn

The Insurance Council of Australia (ICA) has launched an online register to help local tradespeople and builders play a big role in rebuilding their regional communities in the wake of the bushfires that have ravaged their nation since September last year, and to ensure policyholders are not exploited by unscrupulous tradespeople. ICA head of risk and operations, Karl Sullivan, urged…

Cyber risk tops AGCS Risk Barometer in Asia-Pacific, climate change on the rise

Cyber risk tops AGCS Risk Barometer in Asia-Pacific, climate change on the rise

Cyber risk tops AGCS Risk Barometer in Asia-Pacific, climate change on the rise

Cyber risk has perhaps unsurprisingly toppled business interruption (BI) as the number one risk for risk executives within the Asia-Pacific region, according to the Allianz Global Corporate & Specialty (AGCS) Risk Barometer 2020. The Risk Barometer is based on a survey of some 2,700 risk professionals worldwide and is now in its ninth year. BI has regularly topped the list…

Australian government pressures insurers for claims data as bushfire losses near A$1bn

Australian government pressures insurers for claims data as bushfire losses near A$1bn

Australian government pressures insurers for claims data as bushfire losses near A$1bn

The Insurance Council of Australia (ICA) has reportedly said that insured losses from the bushfires still raging across the country have reached nearly A$1bn, with the total number of claims made so far reaching 11,500 since September. Credit ratings agency Moody’s agrees with rival Fitch, however, that the losses are “manageable” for insurers, though it adds that the events serve…

WHS claims set to add to Australian class action wave

WHS claims set to add to Australian class action wave

WHS claims set to add to Australian class action wave

Workplace health and safety (WHS) could be the next big thing in the fast-growing Australian class action ‘market’ and could lead to payouts in the tens of millions of dollars, massive legal bills and the imprisonment of directors and officers for industrial manslaughter offences, according to a new note from law firm Norton Rose Fulbright. Australian directors and officers are…

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

Insurance Australia Group (IAG), the biggest non-life insurer in Australia and New Zealand, has announced that it has finalised its catastrophe reinsurance programme for the 2020 calendar year, not surprisingly increasing its gross reinsurance protection to up to $10bn compared with $9bn for 2019, but at surprisingly stable costs. Rival insurer Suncorp Group has also revealed that it increased its…

Fitch says reinsurance cover should help Australian insurers manage bushfire claims

Fitch says reinsurance cover should help Australian insurers manage bushfire claims

Fitch says reinsurance cover should help Australian insurers manage bushfire claims

Credit ratings agency Fitch Ratings has said that reinsurance protection and increased natural hazard allowances should help major non-life insurers contain their earnings volatility that may stem from the devastating bushfires in Australia. The agency added, however, that reinsurance protection for the fires will be subject to the inception dates and duration of the events. “Prolonged fires could exhaust insurers’…

Australian insurers meet government as insured fire losses hit $700m

Australian insurers meet government as insured fire losses hit $700m

Australian insurers meet government as insured fire losses hit $700m

The Insurance Council of Australia (ICA) and a group of industry leaders have met the country’s federal treasurer Josh Frydenberg and Commonwealth officials to brief them on the insurance industry’s response to the bushfire catastrophe, as the estimated total insured losses from the fires leapt to almost $700m. The ICA insured loss estimate is up from $431m. As the ICA…

Risk managers must act to tackle climate change as premiums soar in Australia

Risk managers must act to tackle climate change as premiums soar in Australia

Risk managers must act to tackle climate change as premiums soar in Australia

Australian risk managers, particularly those in the tourism industry, must brace themselves for tough renewals during 2020 as the bushfires that have devastated the country during the last two months continue to rage. A leading tourism association executive warned only last month that any “responsible” risk manager would accept that the mounting evidence of the dramatic impact of climate change…

Australian insurers advise government to focus on risk prevention as bushfires rage

Australian insurers advise government to focus on risk prevention as bushfires rage

Australian insurers advise government to focus on risk prevention as bushfires rage

The Insurance Council of Australia (ICA) has advised the Australian Government to significantly shift the focus of disaster relief towards mitigation and protection, and also to carry out a major reform of insurance-based taxes to ensure that homes and businesses are adequately protected, as it prepares its 2020-2021 budget. The ICA’s call came at the end of 2019, as the…

Confidence and risk both set to rise sharply in Asia next year

Confidence and risk both set to rise sharply in Asia next year

Confidence and risk both set to rise sharply in Asia next year

Asian companies expect to see a sharp spike in business confidence as they enter 2020, with 76% of firms expecting to be confident by May 2020 despite ongoing political problems in Hong Kong and China’s trade war with the US, according to a survey carried out by insurer CNA Hardy. The insurer said that given the political instability in Hong…

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