- Australian Insurers Falling Behind in Cyber and AI Risk Readiness
In an era where digital threats are escalating, Australian insurers are reportedly less prepared to manage risks associated with cyber threats and artificial intelligence (AI) compared to their global counterparts. This insight emerges from the latest PwC Insurance Banana Skins Survey, which assesses the industry's readiness to tackle emerging challenges.
- Australian Insurance Market Set for Significant Growth by 2029
Australia's general insurance market is on a trajectory of steady expansion, with projections indicating that total direct written premiums (DWP) will reach $144.5 billion by 2029. This growth reflects a compound annual growth rate (CAGR) of 8.8%, as analysed by data and analytics firm GlobalData.
- Australian SMEs Advocate for Reforms Amid Escalating Insurance Premiums
Small to medium enterprises (SMEs) across Australia are facing mounting financial pressures due to soaring insurance premiums.
- QBE Insurance Faces Market Challenges as Premium Growth Slows
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 the 2025 fiscal year.
- Surge in Profits for Australian Insurers Amid Rising Premiums
In 2024, Australia's insurance industry reported a collective after-tax profit of $6.1 billion, a significant increase from the five-year average of $2 billion. This surge is attributed to substantial premium hikes and a relatively quiet year for natural disasters.
- Navigating the Rising Insurance Risk Landscape for Australian Businesses
Australian businesses are currently facing heightened insurance risk pressures stemming from various factors, including increased litigation, technological advancements, supply chain disruptions, catastrophic events, and geopolitical tensions. Understanding these elements is crucial for businesses preparing for insurance renewals and risk management strategies.
- QBE Insurance Faces Market Challenges as Premium Growth Slows
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 the 2025 fiscal year.
- Climate Change's Impact on Rising Home Insurance Premiums in Australia
Insurance Australia Group (IAG), a leading insurer in Australia, has highlighted the significant role of climate change in driving up home insurance premiums. The company reports that the increasing frequency and severity of weather events are major factors contributing to these rising costs.
- Australian Insurers' Preparedness for Emerging Risks Falls Short
Recent findings from PwC's Insurance Banana Skins Survey indicate that Australian insurers are trailing behind their global counterparts in terms of preparedness for emerging risks, particularly in areas such as cyber threats and artificial intelligence (AI).
- Allianz Australia's Strategic Expansion: RAA Insurance Acquisition
In a significant move within the Australian insurance sector, Allianz Australia has successfully completed the acquisition of RAA Insurance for $642 million. This strategic acquisition, approved by the competition regulator on June 12, 2025, marks a substantial expansion of Allianz's footprint in the South Australian market.
- Australian Parliament's Inquiry into Small Business Insurance: What It Means for You
The Australian Parliament has initiated a comprehensive inquiry into the provision, regulation, and pricing of modern insurance products for small businesses and not-for-profit organisations. Announced on October 29, 2025, this inquiry aims to address critical issues affecting the insurance landscape for small enterprises across the nation.
- ASIC's $16.8 Million Penalty on Allianz Australia: A Wake-Up Call for the Insurance Industry
The Australian Securities and Investments Commission (ASIC) has imposed a $16.8 million fine on Allianz Australia and its subsidiary, AWP Australia, for making false and misleading statements regarding travel insurance products.
- Surge in Cyber Insurance Adoption Among Australian Businesses
In the past year, BizCover, a leading small business insurance provider, has reported an almost 50% rise in sales of cyber liability insurance. This significant uptick underscores the escalating awareness and concern among Australian businesses regarding cyber threats.
- EQT's Bold Move: AUB Group's Potential Acquisition and Its Implications
In a significant development within Australia's insurance sector, Swedish private equity firm EQT has proposed a takeover of AUB Group, valuing the insurance broking company at A$5.25 billion. This offer represents a 25.
- State Taxes Drive Up Insurance Costs for Australian Small Businesses
A recent report by the Australian Chamber of Commerce and Industry (ACCI) has highlighted a concerning trend: small businesses across Australia are facing insurance premium increases of up to 30% due to taxes and levies imposed by state and territory governments.
- Celebrating Excellence: Finalists Announced for the 21st Australian Insurance Industry Awards
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has announced the finalists for the 21st Australian Insurance Industry Awards, set to take place on August 21, 2025, at the Star Event Centre in Sydney.
- EQT's A$5.25 Billion Bid for AUB Group: A Game-Changer in Australian Insurance
In a significant development within Australia's insurance sector, Swedish private equity firm EQT has proposed a takeover of AUB Group, valuing the insurance broking company at A$5.25 billion (US$3.41 billion). This offer represents a 25.
- Australian Businesses Embrace Cyber Insurance Amid Rising Digital Threats
In the past year, BizCover, a leading small business insurance provider, has reported an almost 50% rise in sales of cyber liability insurance. This significant uptick underscores the escalating awareness and concern among Australian businesses regarding cyber threats.
- Surge in Insurance Profits: What It Means for Australian Policyholders
In 2024, Australia's insurance industry recorded an after-tax profit of $6.1 billion, a substantial increase from the five-year average of $2 billion. This surge is primarily attributed to significant premium hikes and a relatively quiet year for natural disasters.
- IAG CEO Predicts Ongoing Insurance Premium Rises Amid Easing Inflation
Australian consumers should brace for continued increases in insurance premiums, albeit at a moderated pace, according to Nick Hawkins, CEO of Insurance Australia Group (IAG).
- Allianz Australia Completes $642 Million Acquisition of RAA Insurance
In a significant move within the Australian insurance sector, Allianz Australia has successfully acquired RAA Insurance for $642 million. This acquisition, approved by the competition regulator on June 12, 2025, marks a strategic expansion for Allianz into the South Australian market.
- Rising Insurance Risks Challenge Australian Businesses in Evolving Landscape
Australian businesses are currently navigating a complex and evolving risk landscape, marked by increased exposures across various domains. A recent report from Gallagher highlights several key areas contributing to this heightened risk environment.
- Surge in Profits for Australian Insurers Amid Rising Premiums
In 2024, Australia's insurance industry reported a collective after-tax profit of $6.1 billion, a significant increase from the five-year average of $2 billion. This surge is attributed to substantial premium hikes and a relatively quiet year for natural disasters.
- Rising Insurance Costs Challenge Australian Businesses Amid Crime Surge
Australian businesses are confronting escalating insurance premiums, driven by a surge in break-ins and thefts. This trend is placing additional financial strain on business owners already navigating a complex economic environment.
- Suncorp's Financial Performance Surges with New Share Buyback Initiative
Australian insurer Suncorp has reported a significant 8% increase in full-year cash earnings, reaching A$1.49 billion for the fiscal year ending June 30, 2025. This performance surpasses analyst expectations and underscores the company's robust financial health.
- IAG's Financial Growth Reflects Strength in Australian Insurance Market
Insurance Australia Group (IAG) has reported a notable increase in annual cash earnings, reaching A$1.17 billion for the fiscal year ending June 30, 2025. This marks a significant rise from the previous year's A$905 million and exceeds market expectations.
- Navigating the Rising Insurance Risk Landscape for Australian Businesses
Australian businesses are currently facing heightened insurance risk pressures stemming from various factors, including increased litigation, technological advancements, supply chain disruptions, catastrophic events, and geopolitical tensions. Understanding these elements is crucial for businesses preparing for insurance renewals and risk management strategies.
- ASIC Takes Legal Action Against RACQ Insurance Over Misleading Premium Practices
The Australian Securities and Investments Commission (ASIC) has initiated 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.
- ACCC Examines IAG's Proposed Acquisition of RAC Insurance Amid Competition Concerns
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.
- ASIC Initiates Legal Proceedings Against QBE Insurance Over Alleged Misleading Pricing Discounts
The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against QBE Insurance, alleging that the insurer misled over half a million customers regarding pricing discounts between July 2017 and September 2022.