Thu, 21st May 2026

In this week's insurance news, Australia's non-life insurance sector posts strong growth with an 11.1% revenue increase, largely credited to high contributions from top insurers, decreased catastrophe losses, and substantial investment income. Meanwhile, the proposed $1.35 billion acquisition of RAC Insurance by the Insurance Australia Group (IAG) is under ACCC scrutiny due to potential competition reduction concerns. In life insurance, The Australian Prudential Regulation Authority reports a notable increase in underwriting gains, spearheaded by a surge in individual disability income insurance profits. Finally, amid a soft commercial insurance market, Insurance Australia Group's IIA division introduces a tech-driven adaptive approach to enhance risk pricing and service delivery. The summary reflects industry resilience and adaptation amid challenges and potential impacts from geopolitical conflicts.