- IAG Highlights Climate Change's Impact on Home Insurance Costs
Insurance Australia Group (IAG), a leading insurer in Australia, has recently raised concerns about the escalating costs of home insurance premiums, attributing this trend to the increasing frequency and severity of climate-related weather events.
- Insurance News to Host Third Annual Conference in Sydney
Insurance News has announced its third annual conference, scheduled to take place in Sydney on March 19, 2026. This full-day event aims to provide attendees with comprehensive insights into current market trends, industry pressures, and emerging opportunities within the insurance sector.
- Extreme Weather Events Lead to $3.5 Billion in Insured Losses in 2025
The Insurance Council of Australia (ICA) has reported that extreme weather events in 2025 resulted in nearly $3.5 billion in insured losses from 264,000 claims. This significant financial impact underscores the growing challenges posed by climate-related disasters to the insurance industry and policyholders.
- AFCA's Ruling: Home-Based Waxing Salon Deemed a Business
The Australian Financial Complaints Authority (AFCA) recently ruled that a home-based waxing salon constitutes a business, not merely a hobby. This decision has significant implications for beauticians managing home-based operations, particularly concerning insurance disclosures and compliance.
- Insurers Push for Overhaul of Civil Liability Laws Amid Rising Premiums
The Insurance Council of Australia (ICA) has recently called for comprehensive reforms to state and territory civil liability laws, citing significant increases in public liability insurance premiums. This development is particularly relevant for beauticians and small business owners in the beauty industry, who are experiencing escalating insurance costs.
- Cosmetic Injectables Industry Booms Amid Safety Concerns
The cosmetic injectables industry in Australia has experienced significant growth, with the market valued at $4.1 billion in 2023 and projected to grow by 19.3% annually until 2030. This surge reflects increasing consumer demand for non-surgical cosmetic procedures, including anti-wrinkle injections and dermal fillers.
- Global Insurtech Funding Sees Significant Decline Amid AI Surge
The global insurtech sector experienced a notable downturn in funding during the fourth quarter of 2024, with total investments halving to $US688.24 million compared to the previous quarter. This decline marks the lowest annual funding level since 2018, according to data from Gallagher Re.
- Australian Insurance Industry Set for Significant Growth Amid Rising Natural Disasters
The Australian general insurance industry is on a trajectory for substantial growth, with direct written premiums (DWP) projected to exceed $144 billion by 2029.
- ASIC Calls for Urgent Improvements in Insurers' Complaints Handling Processes
The Australian Securities and Investments Commission (ASIC) has identified significant deficiencies in the complaints handling processes of several insurers, prompting calls for immediate improvements. A recent review revealed that insurers failed to recognize one in six customer complaints, neglected to identify systemic issues, and frequently missed communication deadlines.
- Australian Insurers' $6.1 Billion Profit Sparks Affordability Concerns
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 in profitability is attributed to substantial premium hikes and a year with fewer severe weather events.
- Rising Insurance Premiums Prompt Calls for Industry Reform
Recent data indicates a significant rise in insurance premiums across Australia, with home insurance premiums increasing by 16% on average over the past year. Some insurers, such as Kogan, RAC, and Honey, have raised rates by over 30%, leading to growing concerns about affordability for consumers.
- Rising Insurance Premiums in Northern Australia Challenge Reinsurance Efforts
Homeowners in Northern Australia are facing increasing insurance premiums, despite the federal government's implementation of a cyclone reinsurance pool in 2022, designed to lower costs in high-risk areas.
- Understanding the Impact of New Regulations on Cosmetic Nurses' Insurance
The cosmetic nursing sector in Australia has experienced significant growth, driven by increasing demand for non-surgical cosmetic procedures such as injectables and skin treatments. This expansion has led to heightened scrutiny and the introduction of new regulations aimed at ensuring patient safety and professional accountability.
- Health Minister Addresses Insurers' Use of Loopholes to Raise Premiums
In December 2024, Australian Health Minister Mark Butler issued a stern warning to private health insurers regarding the use of 'underhanded' tactics to raise premiums.
- Australia's General Insurance Market Set for Significant Growth by 2029
Australia's general insurance industry is on a trajectory for substantial growth, with direct written premiums (DWP) projected to reach $146.9 billion by 2029. This forecast, provided by GlobalData, anticipates a compound annual growth rate (CAGR) of 9.2%, rising from $103.1 billion in 2025.
- Australian Insurers Face Challenges in Risk Preparedness
Recent findings from PwC's Insurance Banana Skins Survey indicate that Australian insurers are trailing behind their global counterparts in preparedness for emerging risks, particularly in areas such as cybersecurity and artificial intelligence (AI).
- Insurance News to Host Third Annual Conference in Sydney
Insurance News has announced its third annual conference, scheduled to take place in Sydney on March 19, 2026. This full-day event aims to provide attendees with comprehensive insights into current market trends, industry pressures, and emerging opportunities within the insurance sector.
- Rising Home Insurance Costs Amid Climate Change Concerns
Australians are facing escalating home insurance premiums, with climate change playing a significant role in this upward trend. Insurance Australia Group (IAG) has highlighted that the increasing frequency and severity of weather events are contributing to higher costs for homeowners.
- Significant Drop in Australian Commercial Insurance Rates
In a notable development for Australian businesses, commercial insurance rates have experienced a significant decline. According to Marsh's Global Insurance Market Index, the Australia-Pacific market saw an 8% drop in commercial rates during the fourth quarter of 2024, marking the most substantial decrease globally.
- Rapid Growth of Australian Insurtech Sector Signals Industry Transformation
The Australian insurtech sector is experiencing rapid growth, introducing innovations that are set to transform the insurance landscape. A recent report titled 'Insurtech Down Under: Trends, Tech and Triumphs' highlights the sector's expansion and its potential to enhance efficiency, security, and customer engagement within the industry.
- Adore Beauty's Strategic Acquisition of Ikou Enhances Market Presence
In a significant move within the Australian beauty industry, Adore Beauty has announced the acquisition of wellness and skincare brand Ikou for $25 million. This strategic decision aims to bolster Adore Beauty's private label offerings and marks its entry into the physical retail space.
- Government Scrutinizes Health Insurers' Pricing Practices
Health Minister Mark Butler has issued a stern warning to private health insurers regarding the use of 'underhanded' tactics to raise premiums. This comes in response to findings that some insurers have been closing old policies and introducing more expensive ones, effectively increasing costs for consumers.
- AMA Highlights Declining Value in Private Health Insurance
The Australian Medical Association (AMA) has released a report indicating that private health insurance is increasingly failing to deliver value for money. The report highlights that premiums have risen sharply, outpacing inflation and wage growth, while nearly 70% of policies now contain exclusions for specific treatments or conditions.
- Australian Insurers Brace for Profitability Decline After Record Highs
The Australian insurance industry is preparing for a downturn in profitability after achieving a decade-high return on equity (ROE) of 19% in the 2024-25 financial year. This peak performance was driven by robust underwriting results, substantial investment returns, and a period of relatively low natural disaster claims.
- Australian Insurtech Startups Experience Growth and Market Expansion
The Australian insurtech sector is demonstrating remarkable resilience and adaptability, with many startups reporting significant growth and successful market expansion. A recent survey of Insurtech Australia members reveals that companies generating annual revenues between $1 million and $10 million have experienced a 30% increase in revenue.
- Australian SMEs Advocate for National Reforms to Combat Rising Insurance Costs
Small and medium-sized enterprises (SMEs) across Australia are facing mounting challenges due to escalating insurance premiums. A recent report by the Australian Chamber of Commerce and Industry, in collaboration with the Insurance Council of Australia, highlights the urgent need for coordinated national reforms to address this pressing issue.
- Australian Insurtech Startups: Pioneering the Future of Insurance
The Australian insurtech sector is experiencing significant growth, with startups introducing innovative solutions that enhance efficiency, security, and customer engagement within the insurance industry. A recent report titled 'Insurtech Down Under: Trends, Tech and Triumphs' highlights the pivotal role these companies play in reshaping the market.
- Australian Insurers Address Surge in Mental Health Claims
The Australian insurance industry is facing unprecedented challenges due to a significant rise in mental health-related claims. The Council of Australian Life Insurers reports that mental health has become the leading cause of total and permanent disability claims, accounting for nearly one in three payouts.
- Calls for Overhaul in Australian Insurance Claims Handling Processes
Australian consumer advocacy groups are intensifying their calls for substantial reforms in the insurance industry's claims handling processes. The Australian Consumers Insurance Lobby (ACIL) has criticised the current system, highlighting ongoing issues that compromise consumer outcomes.
- Businesses Advocate for Reforms Amid Rising Insurance Premiums
The Australian Chamber of Commerce and Industry, in collaboration with the Insurance Council of Australia, has released a report highlighting the urgent need for coordinated reforms to address the escalating insurance premiums affecting small and medium-sized enterprises (SMEs).
- AFCA Determines Home-Based Waxing Salon Is a Business
The Australian Financial Complaints Authority (AFCA) recently ruled that a home-based waxing salon operated by a Suncorp customer constitutes a business, not merely a hobby. This decision has significant implications for beauticians managing home-based operations, particularly concerning insurance disclosures and compliance.
- ASIC Announces 2025 Focus on Insurance Pricing and Claims Handling
The Australian Securities and Investments Commission (ASIC) has unveiled its enforcement priorities for 2025, placing a significant emphasis on insurance pricing practices, claims handling, and complaints processes. This initiative aims to enhance consumer protection and ensure fair practices within the insurance industry.
- Beauty Therapist Successfully Challenges Insurer Over Flood Damage Claim
In a significant ruling, a beauty therapist has achieved partial coverage for damages after contesting her insurer's application of a flood exclusion clause. This case underscores the complexities beauticians face when navigating insurance claims related to water damage.
- ASIC Intensifies Oversight on Insurance Pricing and Claims Handling
The Australian Securities and Investments Commission (ASIC) has unveiled new enforcement priorities for the upcoming year, placing a spotlight on insurance pricing, claims handling, and complaints processes. This move aims to enhance consumer protection and ensure fair practices within the insurance industry.
- Melbourne Hairdresser Successfully Claims Business Interruption Due to Pandemic
A Melbourne-based hairdressing salon has won a business interruption (BI) insurance dispute after demonstrating that a local COVID-19 outbreak led to a significant decline in revenue, even before government-imposed lockdowns.
