Thu, 11th Jul 2024

In this podcast, Paige Estritori provides a weekly insurance news wrap for Financial Services Online. Highlights include an ongoing investigation into the October 2022 floods in Northern Tasmania, which resulted in substantial insured losses, totaling $884 million. The response from the insurance sector to these floods is under review, with a final report expected by September 30th, 2024. The update also notes that similar investigations are ongoing in several other Australian territories. The podcast then shifts focus to the property catastrophe reinsurance market, which has seen an increase in global capacity and favorable conditions. The Asia-Pacific region reports a 4% rise in demand against a 10% supply increase, contributing to more balanced market dynamics. The episode concludes noting a trend towards alternative solutions in reinsurance due to limited availability of traditional aggregate reinsurance.