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• Australian Insurers Adapt Investment Strategies Amid Geopolitical and Economic Changes

  Australian insurers are actively revising their investment portfolios in response to evolving geopolitical events and a stabilizing economic environment. A recent report by Janus Henderson Investors reveals that 47% of insurers plan to increase their investment portfolio risk in the next 12 months, with a significant focus on private markets.

• Consumers Demand Transparency Amid Rising Insurance Premiums

  Australian consumers are increasingly voicing concerns over substantial hikes in insurance premiums, with many facing increases of 30% to 50% or more. Advocacy groups are calling for greater transparency in pricing and the establishment of independent insurance price monitoring.

• Rising Insurance Costs in Northern Australia Challenge Cyclone Reinsurance Efforts

  Homeowners in Northern Australia are facing significant increases in insurance premiums, despite the establishment of a cyclone reinsurance pool in 2022 aimed at reducing costs. Some residents have reported premium hikes of up to 600%, raising questions about the effectiveness of the reinsurance pool.

• Australian Insurers Achieve Record Profits Amid Rising Premiums

  In 2024, Australia's insurance sector reported 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 relatively calm year concerning natural disasters.

• Government Consultancy Contracts Near $1 Billion Amid Outsourcing Reduction Efforts

  Recent research indicates that the Australian federal government signed contracts worth nearly $1 billion with consultancy firms in the last financial year, marking a 48% increase from the previous year. This development comes despite the government's commitment to reduce reliance on external consultants.

• Construction Cost Surge and Labour Shortages Reshape Australian Insurance Claims

  The Australian insurance industry is currently navigating a challenging landscape shaped by escalating construction costs and persistent labour shortages. These factors are significantly influencing the nature and volume of insurance claims, particularly within the construction sector.

• Australian Insurers Achieve Record Profits Amid Rising Premiums

  In 2024, Australia's insurance industry reported 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 relatively calm year concerning natural disasters.

• Escalating Insurance Premiums Place 1.6 Million Australian Households Under Financial Strain

  A recent report by the Actuaries Institute has highlighted a concerning trend: 1.6 million Australian households are experiencing affordability stress due to rapidly increasing home insurance premiums. This figure represents a 30% increase over the past year, underscoring the growing financial burden on homeowners.

• Increased Broker Activity Reflects Changing Landscape of Australia's Insurance Market

  The Australian Prudential Regulation Authority (APRA) has released data indicating a notable surge in broker activity within the general insurance market. For the six months ending December 2024, the number of intermediaries increased to 1,725, up from 1,539 in the previous period.

• Australian Insurers Achieve Record Profits Amid Rising Premiums

  In 2024, Australia's insurance sector reported 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 relatively calm year concerning natural disasters.

• Australian Insurers Leverage AI Innovations to Transform Services

  Insurance companies in Australia and New Zealand are increasingly investing in artificial intelligence (AI) technologies to become more data-driven and digital-first organizations. This shift aims to enhance efficiency, comply with evolving regulations, and meet changing consumer expectations.

• Australian Insurers Adjust Investment Portfolios as Inflation Concerns Subside

  According to the 2024 Australian Insurance Report, 43% of insurers are now aligning their investments with their risk budgets, a notable increase from 13% in 2023. This shift is driven by diminishing inflation and recession concerns, prompting insurers to explore new avenues for yield and diversification.

• New Association Established to Elevate Standards of Expert Reports in Insurance Claims

  The insurance industry has long grappled with inconsistencies and varying quality in expert reports, which are pivotal in claims assessments. In response, the Association of Insurance Building & Engineering Consultants (AIBEC) has been established to address these challenges and elevate industry standards.

• Commercial Insurance Rates in the Pacific Region Experience Notable Decline

  The commercial insurance landscape in the Pacific region has undergone significant changes, with Marsh's latest report indicating a 6% decline in rates during the third quarter of 2024. This trend reflects a broader global pattern, as the report also notes the first worldwide rate drop in seven years.

Read our Articles

• Understanding Professional Indemnity Insurance: A Guide for Australian Consultants

  Professional indemnity insurance is a type of insurance designed to protect professionals against claims made by clients for losses or damages incurred due to the services they have provided.

• Building a Resilient Consulting Business: Tips for Risk Reduction

  In the competitive world of consulting, building a resilient business is essential for both growth and sustainability. Understanding how to reduce risks is a vital component of this resilience.

• How to Build Your Brand as a Freelance Consultant in Australia

  In the fast-paced world of freelancing, building a strong personal brand is not just an option; it’s a necessity. For consultants, your brand sets you apart from the competition and acts as your professional identity.

• The Importance of Public Liability Insurance for Professional Consultants

  Public liability insurance is a type of insurance coverage that protects businesses and individuals from the financial risks associated with claims of personal injury or property damage to third parties.