- Australian Insurers Achieve $6.1 Billion Profit in 2024
In 2024, Australia's insurance industry recorded an after-tax profit of $6.1 billion, a significant increase from the five-year average of $2 billion. This surge is primarily attributed to substantial premium hikes and a reduction in severe weather events.
- Premiums Decline in Australian Construction Insurance Market
Australia's construction insurance market has entered a softer phase in 2025, with premiums decreasing across various lines due to heightened competition among insurers. According to Marsh's Construction Insurance Market Update 2025, premium reductions averaged between 5% and 15% in the first half of the year.
- Labour Shortages and Supply Chain Issues Elevate Insurance Claims Costs
In 2025, Australia's insurance industry is grappling with rising claims costs, particularly within the construction sector, due to labour shortages and supply chain disruptions.
- Australian Insurers Face Growing Challenges in Risk Preparedness
Recent findings from the PwC Insurance Banana Skins Survey reveal that Australian insurers are increasingly vulnerable compared to their global counterparts, particularly in areas of risk preparedness. The survey, which gathered insights from 698 insurance executives across 42 territories, indicates that Australian insurers scored 6.
- Declining Value in Private Health Insurance Sparks Calls for Reform
The Australian Medical Association (AMA) has raised concerns about the diminishing value of private health insurance for Australians.
- Australian Insurers Embrace Innovation to Combat Natural Hazard Risks
The Australian insurance market is witnessing a transformative shift as insurers adopt innovative solutions to address the escalating risks associated with natural hazards. The inaugural Property Catastrophe and Climate Governance Report by Global Insurance Law Connect highlights several key developments aimed at enhancing resilience and closing the protection gap.
- Celebrating Excellence: Finalists Announced for 21st Australian Insurance Industry Awards
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has unveiled the finalists for the 21st Australian Insurance Industry Awards, set to take place on Thursday, 21 August 2025, at the Star Event Centre in Sydney.
- Allianz Australia Penalised $16.8 Million for Misleading Conduct
In a significant regulatory action, Allianz Australia and its subsidiary AWP Australia have been fined $16.8 million for making false and misleading statements. The Commonwealth Director of Public Prosecutions imposed the fines following an investigation and referral by the Australian Securities and Investments Commission (ASIC).
- Suncorp Directed to Reassess 60% Home Insurance Premium Increase
The Australian Financial Complaints Authority (AFCA) has directed Suncorp to reassess a 60% increase in a customer's home insurance premium after the insurer failed to provide persuasive evidence justifying the hike. This decision comes amid a backdrop of rising complaints about general insurers, with AFCA reporting record levels of grievances.
- Global Insurtech Investments Halve as AI Adoption Rises
The global insurtech sector experienced a significant downturn in funding during the fourth quarter of 2024, with total investments plummeting by 50% to US$688.24 million compared to the previous quarter. This decline marks the lowest annual funding level since 2018, with the total for 2024 reaching US$4.
- Australia's Insurance Market Set to Surpass $144 Billion by 2029
The Australian general insurance industry is on a trajectory of significant growth, with direct written premiums (DWP) projected to exceed $144 billion by 2029. This forecast, provided by data and analytics firm GlobalData, indicates a substantial increase from the $94.
- Australian Insurers Report $1.11 Billion Profit Amid Lower Catastrophe Claims
The Australian general insurance industry has reported a net profit after tax of $1.11 billion for the March quarter, marking a significant financial upswing attributed primarily to a reduction in catastrophe-related losses. This performance underscores the industry's resilience and its ability to adapt to fluctuating risk environments.
- Australian Insurers Falling Behind in Risk Preparedness
Recent findings from the PwC Insurance Banana Skins Survey reveal that Australian insurers are lagging behind their global counterparts in risk preparedness. The survey, which gathered insights from 698 insurance executives across 42 territories, indicates that Australian insurers scored 6.6% lower on the Preparedness Index compared to the global average.
- Rising Home Insurance Premiums in Australia
Australian homeowners are facing significant increases in home insurance premiums, with average rates rising by 16% over the past year. This surge is largely attributed to the escalating frequency and severity of extreme weather events, which have led to higher claims and increased rebuilding costs.
- Reinsurance: A Critical Safeguard for Australian Insurers
Reinsurance plays a pivotal role in maintaining the financial stability of Australian insurers, effectively shielding them from potential losses that could reach up to $70 billion. In the past financial year, general insurers in Australia invested approximately $2.
- Climate Change's Impact on Home Insurance Costs: IAG's Warning
Insurance Australia Group (IAG), a leading insurer in the Australian market, has recently raised concerns about the escalating impact of climate change on home insurance premiums.
- Australian Insurers' Risk Preparedness Falls Behind Global Standards
The Australian insurance industry is facing mounting challenges as it falls behind international counterparts in preparedness levels, according to the latest PwC Insurance Banana Skins Survey.
- Australia's Insurance Market Set for Significant Growth by 2029
Australia’s general insurance market is expected to experience steady expansion over the next five years, with total direct written premiums (DWP) projected to reach $144.5 billion by 2029. This follows a compound annual growth rate (CAGR) of 8.8%, according to analysis by data and analytics firm GlobalData.
- IAG Highlights Climate Change's Role in Rising Home Insurance Costs
Insurance Australia Group (IAG), a leading insurer in the Australian market, has recently raised concerns about the escalating impact of climate change on home insurance premiums.
- Australian Insurers Falling Behind Global Peers in Risk Preparedness
The Australian insurance industry is facing mounting challenges as it falls behind international counterparts in preparedness levels, according to the latest PwC Insurance Banana Skins Survey.
- QBE Insurance Faces Market Challenges as Premium Growth Slows
QBE Insurance Group, Australia's largest insurer by market value, has recently experienced a notable decline in its share price, reaching a seven-month low. This downturn is primarily attributed to a slowdown in the company's premium rate growth during the third quarter of fiscal 2025.
- Regulators Call for Immediate Action in Australia's Pension Sector
Australia's financial regulators, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC), have issued a strong directive to the nation's A$4.5 trillion superannuation industry. They emphasize the urgent need for accelerated preparations to accommodate an estimated 2.
- IAG Highlights Climate Change's Impact on Rising Home Insurance Costs
Insurance Australia Group (IAG), a leading insurer in the Australian market, has raised concerns about the escalating impact of climate change on home insurance premiums. The company warns that Australians should anticipate rising costs, attributing this trend to the increasing frequency and severity of weather events driven by climate change.
- EQT's Bold Move: A $3.41 Billion Bid for AUB Group
In a significant development within the Australian insurance sector, Swedish private equity firm EQT has extended a takeover offer for AUB Group, valuing the insurance broking company at A$5.25 billion (US$3.41 billion). This proposal includes a price of A$45 per share, representing a 25.1% premium over AUB's last closing price.
- Australian Insurers' Profits Soar to $6.1 Billion Amid Rising Premiums
Australia's insurance industry has reported an annual after-tax profit of $6.1 billion in 2024, according to KPMG's annual review. This figure is three times higher than the five-year average of $2 billion. The substantial profit increase is attributed to significant premium hikes and a year with fewer severe weather events.
- Allianz Australia Penalised $16.8 Million for Misleading Conduct
In a significant regulatory action, Allianz Australia and its subsidiary AWP Australia have been fined $16.8 million for making false and misleading statements. The Commonwealth Director of Public Prosecutions imposed the fines following an investigation and referral by the Australian Securities and Investments Commission (ASIC).
- QBE and Sure Insurance Forge New Home Cover Partnership
QBE Australia Pacific has recently entered into a strategic partnership with Sure Insurance, aiming to bolster its broker-distributed householders cover. This collaboration signifies a concerted effort to provide more comprehensive and accessible home insurance solutions tailored to the diverse needs of Australian homeowners.
- Blue Zebra Enhances Insurance Offerings with New Underwriting Partnerships
Underwriting agency Blue Zebra has recently announced the establishment of new capacity arrangements for its home building and contents, landlord, and small to medium-sized enterprise (SME) package products.
- AIG Australia Penalised for Claims Handling Failures
The Insurance Code Governance Committee has imposed a $30,000 penalty on AIG Australia for breaching its obligations related to claims handling. The insurer failed to inform customers about delays in processing their claims and neglected to advise them of their right to escalate complaints to the ombudsman.
- Understanding the Surge in Home Insurance Premiums Across Australia
Australian homeowners are experiencing notable increases in home insurance premiums, a trend largely driven by the escalating frequency and severity of extreme weather events. Recent data indicates that average annual premiums for new home and contents policies have risen by 14%, equating to an additional $343 per year for policyholders.
- The Vital Role of Reinsurance in Safeguarding Australian Insurers
Reinsurance has emerged as a cornerstone of financial stability for Australian insurers, effectively shielding them from potential losses that could have reached up to $70 billion. In the past financial year, general insurers in Australia invested approximately AUD2.
- Suncorp's Earnings Surge and Share Buyback Announcement
Suncorp, a prominent Australian insurer, has reported an 8% increase in full-year cash earnings, reaching A$1.49 billion for the year ending June 30, 2025. This performance exceeded analyst expectations and underscores the company's robust financial health.
- ASIC's Legal Action Against RACQ Insurance: What You Need to Know
The Australian Securities and Investments Commission (ASIC) has commenced Federal Court proceedings against RACQ Insurance, alleging that the insurer misled more than 570,000 customers through deceptive premium comparison figures in renewal notices issued between September 2019 and December 2024.
- ACCC Raises Concerns Over IAG's Acquisition of RAC Insurance
The Australian Competition and Consumer Commission (ACCC) has expressed significant concerns regarding Insurance Australia Group's (IAG) proposed acquisition of the Royal Automobile Club of Western Australia's (RAC) insurance business. The deal, valued at approximately A$1.35 billion (US$877 million), aims to expand IAG's presence in the Western Australian insurance market.
- ASIC Initiates Legal Action Against RACQ Insurance Over Misleading Premium Comparisons
The Australian Securities and Investments Commission (ASIC) has commenced Federal Court proceedings against RACQ Insurance, a subsidiary of Insurance Australia Group (IAG), alleging that the insurer misled more than 570,000 customers through deceptive premium comparison figures in renewal notices issued between September 2019 and December 2024.
- ICA Seeks Interstate Tradespeople to Support Cyclone Alfred Recovery Efforts
In the aftermath of Ex-Tropical Cyclone Alfred, which caused significant flooding in southeast Queensland and northern New South Wales, the Insurance Council of Australia (ICA) has launched an initiative to recruit tradespeople from across Australia and New Zealand to assist in the rebuilding efforts.
- MTAA Raises Concerns Over IAG's Acquisition of RAC Insurance and Its Impact on Market Competition
The Motor Trades Association of Australia (MTAA) has voiced concerns regarding Insurance Australia Group's (IAG) proposed acquisition of RAC Insurance in Western Australia, warning that the deal could further consolidate the insurance market and reduce competition.
- ASIC Calls for Urgent Reforms in Insurers' Claims Handling Practices
The Australian Securities and Investments Commission (ASIC) has recently highlighted significant deficiencies in the claims handling processes of insurers, raising concerns about potential compliance breaches and consumer harm.
- ASIC Signals Stronger Enforcement Measures for Insurer Compliance Failures
The Australian Securities and Investments Commission (ASIC) has recently announced a significant escalation in enforcement actions targeting insurers that fail to meet their compliance obligations. This move underscores the regulator's commitment to ensuring transparency, accuracy, and fairness within the Australian insurance industry.
- IAG Highlights Construction Cost Surge as Key Factor in Rising Home Insurance Premiums
Insurance Australia Group (IAG), a leading insurer in the Australian market, has recently announced that escalating construction costs are a significant factor contributing to the rise in home insurance premiums.
- Australian Commercial Insurance Rates See Largest Global Decline
The Australian commercial insurance market has witnessed a notable shift, with rates experiencing the most significant decline globally. According to Marsh's latest Global Insurance Market Index, commercial rates in the Australia-Pacific region fell by 8% in the fourth quarter of 2024, marking the largest drop worldwide.
- Tradies See Unprecedented Shift Towards Professionalism and Safety
In recent years, Australia's tradie culture has undergone a significant transformation, moving away from its rough-and-tumble past to a more professional and disciplined environment.
