- Australian Insurers Face Challenges in Cyber and AI Risk Preparedness
Recent findings from the PwC Insurance Banana Skins Survey indicate that Australian insurers are trailing their global counterparts in preparedness for emerging risks, particularly in the realms of cyber threats and artificial intelligence (AI). This lag poses significant challenges as the industry confronts an increasingly complex risk landscape.
- AI and Machine Learning Revolutionise Australian Insurance Industry
Australia's insurance sector is undergoing a significant transformation as companies increasingly adopt artificial intelligence (AI) and machine learning (ML) technologies to enhance operations, improve customer service, and strengthen fraud detection capabilities. This shift comes in response to mounting regulatory pressures, escalating climate-related risks, and the need to modernise legacy systems.
- Australian Insurers Falling Behind in Cyber Risk Preparedness
Recent findings from the PwC Insurance Banana Skins Survey reveal that Australian insurers are trailing their global counterparts in preparedness for emerging risks, particularly in the realms of cyber threats and artificial intelligence (AI). This lag poses significant challenges as the industry confronts an increasingly complex risk landscape.
- Australian General Insurers Report Decade-High Return on Equity
Australia's general insurance industry has reported a remarkable 19% return on equity (ROE) for the financial year 2025 (FY25), marking the highest level in a decade.
- Australian Life Insurance Market Set for Steady Growth
Australia's life insurance sector is on track for moderate expansion over the next four years, with gross written premiums (GWP) forecasted to increase from $26.2 billion in 2025 to $30.5 billion by 2029. This represents a compound annual growth rate (CAGR) of 3.9%, according to recent analysis by GlobalData.
- 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.
- Suncorp's Strong Financial Performance: $1.49 Billion Profit and Share Buyback
Australian insurer Suncorp has reported stronger-than-expected full-year cash earnings of A$1.49 billion for the fiscal year ending June 30, 2025, surpassing the consensus estimate of A$1.47 billion. Statutory profit surged 52% to A$1.82 billion due to one-off gains from the sale of its banking operations.
- ACCC Raises Concerns Over IAG's Proposed Acquisition of RAC Insurance
Australia’s competition regulator, the Australian Competition and Consumer Commission (ACCC), has raised concerns over Insurance Australia Group’s (IAG) proposed A$1.35 billion (US$877 million) acquisition of the Royal Automobile Club of Western Australia’s (RAC) insurance business.
- RBA Holds Cash Rate at 3.60%, Forecasts Extended Stability
The Reserve Bank of Australia (RBA) has announced its decision to maintain the official cash rate at 3.60% during its December meeting, signaling a potential extended hold through 2026. This move comes in response to higher-than-expected inflation rates and a robust economic performance.
- ANZ CEO Nuno Matos Takes Helm at Australian Banking Association
The Australian Banking Association (ABA) has appointed Nuno Matos, CEO of ANZ Group, as the new chair of its council, succeeding National Australia Bank's Andrew Irvine.
- IAG Highlights Climate Change's Impact on Rising Home Insurance Costs
Insurance Australia Group (IAG) has issued a warning to Australian homeowners about the escalating impact of climate change on home insurance premiums. The insurer attributes the rising costs to the increasing frequency and severity of weather events, such as storms and hailstorms, particularly affecting densely populated regions in southern Australia.
- QBE Insurance Faces Market Challenges with Slower Premium Growth
QBE Insurance Group, Australia's largest insurer by market value, recently experienced a significant decline in its share price, reaching a seven-month low. This downturn is primarily attributed to a noticeable slowdown in the company's premium rate growth during the third quarter of fiscal 2025.
- Australian Insurers Face Challenges in Risk Preparedness
Recent findings from the PwC Insurance Banana Skins Survey have highlighted a concerning trend: Australian insurers are trailing behind their global counterparts in terms of preparedness for emerging risks.
- Allianz Australia Penalised for Misleading Insurance Practices
In a significant regulatory development, Allianz Australia and its subsidiary, AWP Australia, have been fined $16.8 million for making false and misleading statements. This penalty underscores the critical importance of transparency and honesty in the insurance industry.
- IAG Projects Significant Premium Growth and Profit Increase for FY26
Insurance Australia Group (IAG) has announced an optimistic forecast for the financial year 2026, anticipating a 10% increase in gross written premium (GWP) and an insurance profit ranging between $1.55 billion and $1.75 billion. This projection follows a robust performance in FY25, where IAG reported a 4.
- Australian General Insurers Report Record 19% Return on Equity in FY25
Australia's general insurance industry has reported a 19% return on equity (ROE) for the financial year 2025, marking the highest level in a decade. This significant achievement is detailed in the latest Optima Report by actuarial consultancy Finity, which attributes the strong performance to a combination of favorable factors.
- Australian Home Insurance Premiums Expected to Rise After $1.8 Billion in Claims
Australian homeowners are bracing for increases in insurance premiums following a series of extreme weather events in early 2025 that led to $1.8 billion in claims. The Insurance Council of Australia (ICA) has highlighted that the growing frequency and intensity of such events are significantly impacting insurance costs nationwide.
- EQT Proposes $3.41 Billion Acquisition of AUB Group
In a significant development within the Australian insurance industry, Swedish private equity firm EQT has made a takeover offer for AUB Group, valuing the 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.
- AIA Australia Unveils Innovative Member Insurance Portal
AIA Australia has launched a cutting-edge Member Insurance Portal designed to provide a streamlined insurance experience for group insurance customers. This digital initiative aims to optimize the claims process, offering members the ability to track their claims throughout the entire lifecycle, thereby ensuring transparency and simplicity during potentially challenging times.
- Australian Insurers Achieve $6.1 Billion Profit Amid Rising Premiums
Australia's insurance industry has reported an after-tax profit of $6.1 billion for the year 2024, a figure that is three times higher than the five-year average of $2 billion. This substantial increase is attributed to significant premium hikes and a relatively benign year for natural disasters.
- EQT's $3.41 Billion Bid for AUB Group: A Game-Changer in Australian Insurance
In a significant development within the Australian insurance sector, Swedish private equity firm EQT has proposed a takeover of AUB Group, valuing the company at A$5.25 billion (US$3.41 billion). This offer represents a 25.
- AIG Australia Penalised for Breaching Insurance Code Obligations
The Insurance Code Governance Committee has imposed a $30,000 penalty on AIG Australia for breaching its obligations under the insurance code.
- Reinsurance: The Backbone of Stability for Australian Insurers
A recent report by the Actuaries Institute has shed light on the pivotal role of reinsurance in maintaining the stability and affordability of Australia's insurance sector. The study reveals that without investing approximately $2.
- ASIC Initiates Legal Action Against RACQ Insurance Over Misleading Premium Practices
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 over 570,000 customers through deceptive premium comparison pricing in renewal notices issued between September 2019 and December 2024.
- Australian Insurance Industry Reports Record $6.1 Billion Profit Amid Rising Premiums
Australia's insurance industry has reported an after-tax profit of $6.1 billion for the year 2024, a figure that is three times higher than the five-year average of $2 billion. This substantial increase is attributed to significant premium hikes and a relatively benign year for natural disasters.
- Northern Territory Homeowners Experience Rising Insurance Premiums Despite Cyclone Reinsurance Pool
Homeowners in the Northern Territory are facing significant increases in insurance premiums, despite the federal government's cyclone reinsurance pool established in 2022 to lower costs in cyclone-prone areas.
- Allianz Australia Penalised for Misleading Insurance Practices
In a significant regulatory development, Allianz Australia and its subsidiary, AWP Australia, have been fined $16.8 million for making false and misleading statements. This penalty underscores the critical importance of transparency and honesty in the insurance industry.
- Allianz Australia Completes Acquisition of RAA Insurance
Allianz Australia has successfully completed the acquisition of RAA Insurance for $642 million, marking a significant expansion of its operations in South Australia. This strategic move is set to enhance Allianz's market presence and diversify its service offerings in the region.
- Australian Government Provides Income Support to Workers Affected by Cyclone Alfred
The Australian government has announced financial support measures for workers affected by ex-Tropical Cyclone Alfred, which recently caused severe flooding, power outages, and property damage across Queensland and New South Wales. This initiative aims to alleviate the financial burden on individuals who have lost income due to the cyclone's impact.
- ASIC Takes Legal Action Against QBE Over Misleading Discount Practices
The Australian Securities and Investments Commission (ASIC) has commenced Federal Court proceedings against QBE Insurance, alleging that the insurer misled more than 500,000 customers regarding pricing discounts between July 2017 and September 2022. This legal action underscores the regulator's commitment to ensuring transparency and fairness in the insurance sector.
- Suncorp Achieves $1.49 Billion Profit and Initiates $262 Million Share Buyback
Suncorp, one of Australia's leading insurers, has reported an 8% increase in full-year cash earnings, reaching A$1.49 billion for the year ending June 30, 2025. This performance surpasses analyst expectations and underscores the company's robust financial health.
- ACCC Raises Competition Concerns Over IAG's Proposed Acquisition of RAC Insurance
The Australian Competition and Consumer Commission (ACCC) has expressed concerns regarding Insurance Australia Group's (IAG) proposed A$1.35 billion acquisition of the Royal Automobile Club of Western Australia's (RAC) insurance business.
- IAG CEO Nick Hawkins Warns of Continued Insurance Premium Increases
Nick Hawkins, CEO of Insurance Australia Group (IAG), has indicated that Australians should brace for continued increases in insurance premiums, although at a slower pace than in previous years. Speaking to The Business, Mr.
