EQT and CVC form consortium in A$5.25 bn bid for insurance broker AUB Group
AUB Group allows EQT and CVC to form a consortium to acquire the Australian broker in a deal valued at A$5.25 bn, extending exclusivity talks to early December
🇦🇺 Australia & New Zealand Insurance News
Asia-Pacific insurance market growth fueled by reforms, low coverage
Asia-Pacific remains one of the strongest global growth regions for insurance. It’s a region with a relatively young population and still very low penetration
Verisk warns insurers as frequency perils surge, losses hit $152 bn
Verisk reports global insured property losses now average $152 bn as frequency perils surge and severe thunderstorms dominate catastrophe risk
Swiss Re pauses new life insurance deals in Australia as TPD claims soar
Swiss Re halts new business in Australia, citing unsustainable TPD insurance costs, with $1.43bn mental health claims in 2024 straining the financial system
IAG fields 3,000+ storm claims after giant hail hits Southeast Queensland
IAG brands including NRMA and RACQ Insurance are handling thousands of claims after severe hail and storms struck Brisbane, Gold Coast and Sunshine Coast
Insurance Australia Group lifts 2026 outlook after $855 mn RACQI acquisition
Insurance Australia Group boosts 2026 profit and premium guidance after completing its A$855M RACQI deal, forecasting up to A$1.75B in reported profit
Australia’s cyclone pool reports $1.12 bn in claims, 3.2 mn buildings covered
Australia’s cyclone pool logged $1.12bn in claims in June 2025 quarter, covering 3.2mn buildings and $644mn in annual premiums across home, strata and SME
Australia’s insurance losses from natural disasters drop 25% in 2025
Insurance losses from Australian natural disasters fell to $1.97bn in 2025, ICA reports, but resilience gaps leave communities and governments at growing risk
Motor Trades Association of Australia warns IAG’s RAC Insurance deal risks shrinking competition
Australia’s motor trade group says IAG’s RAC Insurance takeover would entrench consolidation, raising premiums and reducing consumer choice
Global catastrophe losses mount in H1 2025 with $40 bn LA wildfire hit
H1 2025 saw record $40bn wildfire losses in Los Angeles, heavy US tornado damage, Cyclone Alfred floods in Australia, and a major quake in Myanmar
Insurance Australia Group seals A$855 mn deal for RACQ Insurance
IAG buys 90% of RACQ Insurance for A$855 mn, adding 840 staff and securing a 25-year underwriting partnership in Queensland
Gallagher Re to acquire Steadfast Re, expanding in Australia & Asia Pacific
Gallagher Re, the reinsurance broking arm of Arthur J. Gallagher, has agreed to acquire Steadfast Re, the Sydney-based reinsurance broker launched a decade ago
Australian ASIC cuts 9,240+ pages of rules, pushes simpler compliance for Firms
The Australian Securities and Investments Commission (ASIC) has scrapped more than 9,240 pages of regulations since January as part of an overhaul aimed at reducing complexity for businesses
CarTrawler acquires insurtech Koala to expand into travel insurance
Irish travel technology firm CarTrawler has acquired French insurtech startup Koala, marking its first major move into the insurance technology space
Insurtech Naluri secures $5 mn to scale digital health platform in Asia
Naluri, a digital health insurtech provider focused on employee wellbeing, has raised $5 mn in fresh Series B equity, bringing its total Series B funding to $14 mn
PERILS expands severe convective storm loss in Europe, Japan, New Zealand
Reporting will apply to industry losses exceeding €500mn in Europe, ¥100bn in Japan, and NZ$300mn in New Zealand. The scope includes both property and motor insurance lines
FBI and cybersecurity firms warn airlines of Scattered Spider attacks
The FBI and major cybersecurity firms are warning that Scattered Spider, a well-known hacking group, is now targeting the airline and transportation sectors
Australia’s Federal Court fines ACBF A$3.5 mn for misleading claims of Aboriginal ownership
Australia’s Federal Court fined ACBF Funeral Plans A$3.5 mn for falsely representing that the funeral expenses insurance provider was Aboriginal-owned
Australia’s securities regulator appeals Court ruling on HCF Life’s “Preexisting Condition” insurance term
Australia’s securities regulator appealed the Federal Court’s decision dismissing part of its proceedings against HCF Life Insurance Co concerning a “preexisting condition”
Bupa faces Federal Court over misleading conduct, agrees to A$35 mn penalty
The Australian Competition and Consumer Commission (ACCC) filed proceedings in Australia’s Federal Court against insurer Bupa
Insurance Australia Group estimated natural perils costs at A$1.1 bn
Insurance Australia Group Ltd. raised its fiscal-year 2025 guidance as estimated natural perils costs are projected at A$1.08 bn
Mergers and acquisitions insurance claims reached record levels in 2024-2025
Mergers and acquisitions (M&A) insurance claims reached record levels in 2024, with the highest total payouts ever recorded
Australian life insurer sanctioned for misleading customers on review rights
The Life Insurance Code Compliance Committee (Life CCC) of Australia sanctioned a life insurer for failing to properly inform 170 customers of their right
United Risk Global finalized its acquisition of Pinnacle Underwriting
United Risk Global has finalized its acquisition of Pinnacle Underwriting, an Australian managing general agent specializing in facultative reinsurance
ACCC clears Allianz’s acquisition of RAAI personal insurance business in South Australia
Australia’s competition regulator, the Australian Competition and Consumer Commission (ACCC), announced it will not oppose the proposed acquisition
PERILS releases 2nd insurance loss estimate for Cyclone Alfred at AUD 2.25 bn
PERILS has published its second insurance industry loss estimate for Cyclone Alfred, which impacted Queensland and New South Wales
Cover Genius and TAL innovate to address underinsurance in Australia
Australian life insurer, TAL, has partnered with leading global insurtech Cover Genius to launch embedded life insurance in Australia
Insurance Australia Group acquires RAC’s insurance business valued at A$1.35 bn
Insurance Australia Group reached an agreement with the Royal Automobile Club of Western Australia to acquire RAC’s insurance business in a deal valued at A$1.35 bn
PERILS estimated Cyclone Alfred insurance loss in Australia at AUD 2,568 mn
PERILS has disclosed its initial industry loss estimate for Cyclone Alfred which affected the Australian states of Queensland and New South Wales
PERILS released the Industry Exposure Database 2025
PERILS, the company providing industry-wide catastrophe insurance data, has released the PERILS Industry Exposure Database 2025
Insurtech Ignyte launched as a specialty platform for insurance brands
Ignyte Insurance launched as a specialty insurance platform focused on acquiring, expanding, and supporting insurance brands in niche global markets
Australian ASIC sues Hollard Insurance over prolonged claim handling
The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against Hollard Insurance Partners, alleging serious failures
FMA files civil case against IAG New Zealand over $19.3 mn in overcharges affecting 269,000 customers
The Financial Markets Authority (FMA) has filed civil proceedings against IAG New Zealand in the High Court in Auckland for breaching fair dealing provisions under the Financial Markets Conduct Act
MS&AD Insurance will sell 15.1% stake in Challenger to TAL Dai-ichi Life Australia
MS&AD Insurance Group Holdings will sell its 15.1% stake in Challenger Ltd. to TAL Dai-ichi Life Australia, a subsidiary of Dai-ichi Life Holdings
New Zealand life insurance sector sees steady growth amid changing market trends
New Zealand’s life insurance sector has grown between 2% and 5% year-over-year since 2015, with seasonality having less impact on new business since 2021
Suncorp Group finalized the sale of Asteron Life, its New Zealand life insurer
Suncorp Group has finalized the sale of Asteron Life, its New Zealand life insurance business, to Resolution Life NOHC for NZ$410 mn
Australian digital insurance broker UpCover secured $19 mn in a Series A
Australian digital insurance broker UpCover has secured $19 mn in a Series A funding round to accelerate the growth of its platform
Aon appointed Jennifer Richards as CEO of Asia-Pacific, Anne Corona as Global CCO
Richards will collaborate with the Asia-Pacific executive committee to expand the firm’s capabilities, strengthen client relationships, drive growth, and execute the 3×3 Plan
ICA classified flooding in Queensland as a significant event and activated an Insurance Hub in Townsville
Severe storms and flooding have impacted northern Queensland and nearby areas in Australia since Jan. 29. The Insurance Council of Australia (ICA) classified it as a “significant event
Suncorp Group completed the sale of Asteron Life, its New Zealand life insurer, for NZ$410 mn
Suncorp Group Ltd. completed the sale of Asteron Life Ltd., its New Zealand life insurance business, to Resolution Life NOHC for NZ$410 mn
Australian Competition & Consumer Commission moves to block hospital boycott of major insurers
The Australian Competition Commission intends to deny Catholic Health Australia’s request to allow its hospital members to boycott large private health insurers
Enstar’s Syndicate 2008 finalizes loss portfolio transfer deal with Atrium Syndicate 609
Enstar Group’s Syndicate 2008 has entered a loss portfolio transfer (LPT) agreement with Atrium Syndicate 609, managed by Atrium Underwriters
Insurance Australia Group secured a catastrophe reinsurance program for 2025
Insurance Australia Group Ltd. (IAG) secured a catastrophe reinsurance program for 2025 and provided up to A$10 bn ($6.25 bn) in coverage
PERILS releases final insured loss report for Australia Christmas Storms
PERILS has released its fourth and final estimate for the industry losses caused by the Australia Christmas Storms that impacted Victoria, New South Wales, and Queensland
ASIC orders compliance overhaul for Sanlam’s Australian unit over licensing breaches
The Australian arm of South African financial services conglomerate Sanlam Group will need to have its compliance processes reviewed by an independent expert
PERILS releases final insured loss estimate for Australia Christmas Storms
PERILS, an independent Zurich-based organization, has released its fourth and final industry loss estimate for the Australia Christmas Storms
Allianz Australia purchases RAA’s general insurance business and securing
Allianz Australia has partnered with the Royal Automobile Association of South Australia (RAA) in a deal valued at AUD$642.2 mn
Ardonagh Group completes acquisition of PSC Insurance, expanding APAC & UK platforms
The Ardonagh Group, a major independent insurance broking platform, has completed the acquisition of PSC Insurance Group Limited
Insurance Council of New Zealand urges government to strengthen Resource Management Act
The Insurance Council of New Zealand (ICNZ) is urging the government to ensure that changes to the Resource Management Act (RMA) will protect communities
Australian insurers faced $1.46 bn losses during 2024 catastrophe season
Australian insurers faced losses of A$2.19 bn ($1.46 bn) from four events during the 2023-2024 catastrophe season, according to the ICA
PERILS updated insurance industry loss for Australia Christmas Storms
PERILS released the third loss estimate for the Australia Christmas Storms. PERILS updated insurance industry loss estimate stands at AUD 1,563 million
Australian insurtech Honey Insurance raised $108 mn in Series A
Australian insurtech startup Honey Insurance, has raised US$108 mn in its Series A funding round, attracting significant interest from investors in the U.S.
PERILS estimated insurance loss for Australia Christmas Storms at $1 bn
PERILS, the Zurich-based providre of industry-wide catastrophe insurance data, has disclosed its second industry loss estimate for the Australia Christmas Storms
PERILS releases final insurance industry loss footprint for Cyclone Gabrielle
PERILS has disclosed its fourth and final industry loss estimate for Cyclone Gabrielle which impacted the North Island of New Zealand
PERILS disclosed insured loss estimate for Australia Christmas Storms
PERILS disclosed insurance industry loss estimate for the Australia Christmas Storms which affected for Victoria, New South Wales, Queensland
PERILS’ final estimate for insurance losses from North Island floods
PERILS, an independent organization based in Zurich, has released its final estimate of NZD 2,230 million for the insurance market losses from the North Island floods
Chris Mackinnon becomes Lloyd’s regional director for Asia Pacific Middle East & Africa
Chris Mackinnon, with over three decades of experience in the insurance industry, is poised to become Lloyd’s Regional Director for Asia Pacific, Middle East, and Africa
TOP 10 insurtech companies in Australia, based on total funding raised
The Australian insurance market is worth $100 bn annually and $7 trln worldwide, offering a massive opportunity for startups
PERILS estimates industry loss for the Southeast Australia floods at $620 mn
PERILS has disclosed its 4th and final insurance industry loss estimate for the Southeast Australia floods
Cyclone Gabrielle & North Island Floods insurance loss estimated at $2.4 bn
PERILS, a provider industry-wide catastrophe insurance data, has released the third loss estimate for Cyclone Gabrielle which impacted of New Zealand
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Global insurance-linked securities market reached $145 bn in 2026, supported by record catastrophe bond issuance, 12.5% investor returns and expanding reinsurance sidecars
Insurance regulators in the US, UK and Japan are strengthening oversight of asset-intensive reinsurance, targeting counterparty credit risk, recapture reserve adequacy
Verisk raised its global insured catastrophe loss benchmark to $171 bn, with the US accounting for $117 bn and severe thunderstorms leading modeled risk
RiskScan 2026 reveals how cyber, climate, AI, inflation and business interruption are converging to reshape insurance priorities and risk management