Tue, 12th Nov 2024

This episode of Financial Services Online discusses key themes in Australia's insurance sector. The Australian Prudential Regulation Authority (APRA) is exploring alternate reinsurance solutions, driven by severe weather, geopolitical changes, and rising retention levels and costs. Options including catastrophe bonds are under consideration, with consultations aimed at reshaping reinsurance in Australia. The podcast also highlights the third edition of CGU's Strive guide series, focusing on technological advancements and climate risks that aid insurance brokers' understanding of the market. The importance of full transparency with insurers is discussed concerning a case involving an Uber Eats driver's claim rejection due to undisclosed commercial vehicle usage—emphasising the need for accurate policy updates. Finally, Pacific International Insurance is reportedly working towards compliance after APRA's order to augment its capital reserves by $10 million due to governance issues.n