Australia’s bushfires cost industry A$1.9bn, says PERILS

Australia’s bushfires cost industry A$1.9bn, says PERILS

Australia’s bushfires cost industry A$1.9bn, says PERILS

Bushfires that broke out in Australia during the summer months at the end of 2019 and into 2020 will cost insurers A$1.86bn, according to estimates from PERILS, which has raised the loss from an earlier estimate of A$1.57bn. Australia’s ‘Black Summer’ bushfires caused 34 deaths and burned 18.6m hectares of land, peaking around the turn of the year. New South…

Reinsurance capital levels recover for June/July renewals

Reinsurance capital levels recover for June/July renewals

Reinsurance capital levels recover for June/July renewals

Reinsurance capital levels are running at just 5% lower than the end of last year, after investment markets staged a recovery from the Covid-19 shocks in the spring, according to Willis Re in a June and July renewals report. But the market continued to harden. At the end of March, reinsurance capital levels were down 30%. However, they have since…

EQC renews New Zealand $6.2bn reinsurance programme

EQC renews New Zealand $6.2bn reinsurance programme

EQC renews New Zealand $6.2bn reinsurance programme

The New Zealand Earthquake Commission (EQC) has renewed its $6.2bn reinsurance programme for the forthcoming year and said that its investment in research and modelling after the Canterbury earthquakes of 2010 had clearly helped its case. “International reinsurers have again shown their ongoing confidence in New Zealand and the Earthquake Commission with this year’s agreement, which commenced on 1 June…

Australian directors resigning as D&O rates rocket by up to 500%

Australian directors resigning as D&O rates rocket by up to 500%

Australian directors resigning as D&O rates rocket by up to 500%

Broker Marsh has warned that corporate Australia could face a future in which directors and officers (D&O) cover is “no longer available, affordable or provides the coverage expected or required”, in its submission to the to the Parliamentary Joint Committee on Corporations and Financial Services’ inquiry into ‘Litigation funding and the regulation of the class action industry’. On 13 May,…

Pandemic adds to pressure on Australian class action reform

Pandemic adds to pressure on Australian class action reform

Pandemic adds to pressure on Australian class action reform

Evidence is building that the rise of the Covid-19 pandemic is adding further pressure on the Australian government to make it even easier for consumers to bring class actions and place even more pressure on an already distressed Australian liability insurance market. On 13 May, the House of Representatives referred an inquiry into litigation funding and the regulation of the…

Australian risk managers advised to check credit policies

Australian risk managers advised to check credit policies

Australian risk managers advised to check credit policies

Risk and insurance managers with business in Australia need to take a proactive approach with their trade credit risk as the local market rapidly contracts in the face of Covid-19-related losses. As the standard cover dries up, particularly for the badly hit retail sector, risk managers also need to look out for exclusions being introduced for natural disasters and government…

Zurich appoints new regional heads for accident and health

Zurich appoints new regional heads for accident and health

Zurich appoints new regional heads for accident and health

Zurich Insurance Group has appointed three regional heads of its commercial insurance accident and health (A&H) underwriting group in the US, Australia and UK/multinational. Zurich has appointed Chris Howard as head of A&H in the US, Nicole Yates as head of A&H in Australia, and Stephane Baj as head of A&H in the UK and multinational A&H. According to Zurich:…

A$1bn after-tax loss in first quarter of 2020 for Australia’s general insurers

A$1bn after-tax loss in first quarter of 2020 for Australia’s general insurers

A$1bn after-tax loss in first quarter of 2020 for Australia’s general insurers

The catastrophic bushfire and storm events in late December/early 2020, and large falls in investment income, mainly from the impact of Covid-19, saw the Australian general insurance sector post a loss after tax of A$1bn for the first quarter of 2020. This is according to statistics released by the Australian Prudential Regulation Authority (APRA). The general insurance industry posted net…

Summer catastrophes in Australia cost AU$5.19bn

Summer catastrophes in Australia cost AU$5.19bn

Summer catastrophes in Australia cost AU$5.19bn

The four natural disaster catastrophes declared in Australia during the 2019-2020 summer have already cost more than AU$5.19bn, with more than 15,000 new claims worth AU$270m lodged in the past four weeks, according to the Insurance Council of Australia (ICA). Campbell Fuller, ICA head of communications, said: “Thousands of new claims and property loss assessments have pushed total claims to…

Australian government seeks to clamp down on class actions

Australian government seeks to clamp down on class actions

Australian government seeks to clamp down on class actions

The Australian government is tightening regulatory scrutiny of litigation funders, as part of an effort to clamp down on the industry following a surge in expensive class-action lawsuits, according to Reuters. Australian government treasurer Josh Frydenberg said on Friday that litigation funders will now be required to hold an Australian financial services provider licence within three months. This will increase…

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