Weak risk management exposed Australia’s BI insurers to Covid-19 losses: APRA

A test case in favour of insurers was a ‘near miss’, the regulator found

Sarah JollyOctober 28, 2022
Lockdown warning signs in Melbourne, Australia. COVID-19 Stage 3 restriction warning signs display all over the city during the Coronavirus Crisis in Melbourne, Australia. Credit: Dave Hewison
Lockdown warning signs in Melbourne, Australia. Credit: iStock/DavidHewison

Australia’s commercial insurers “took their eye off the ball” in writing business interruption (BI) policies that could have exposed them to heavy losses in Covid-19 lockdowns, according to the country’s regulator. Publishing findings from a risk management review of 10 insurers underwriting BI, the...

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Sarah JollyOctober 28, 2022
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