Insurance Australia Group (IAG) News

Viewpoint: Regulatory Proposals in Australia, Malaysia Reshape Reinsurance Strategies

The regulatory landscape in the Asia-Pacific region is rapidly evolving, influencing insurers’ risk management and capital adequacy. Australia and Malaysia are two examples of markets where recent regulatory developments are likely to influence the use of reinsurance, in particular. Regulators …

Warnings, Fines Fail to Stop Insurers and Banks From Overcharging Australian Clients

Last week the Federal Court fined Australia’s biggest superannuation company, AustralianSuper, A$27 million for overcharging customers. The company had breached its legal obligations under the Superannuation Industry (Supervision) Act 1993 by failing to identify and merge the duplicate accounts of …

Allianz, IAG Said to Mull Bids for Top Western Australia Insurer

Insurance firms Allianz SE and Insurance Australia Group Ltd. are among parties considering bidding for Western Australia’s top insurer, according to people familiar with the matter. Allianz and IAG are mulling the offers for the insurance arm of The Royal …

Australian Insurer IAG Says Rise in Claims, Third-Party Costs to Push Up Premiums

Insurance Australia Group said on Wednesday it expects premiums to keep rising because of a huge jump in loss claims and third-party costs for home and automobile repairs, sending its shares more than 3% lower. IAG said the money it …

Severe Storms Lash Australia’s East Coast, Killing 9 People

Nine people have died in Australia after severe storms lashed the nation’s east coast on Christmas Day and Boxing Day, with the Bureau of Meteorology warning there is a risk of more flash flooding even as the weather system moves …

Insurers Hit With Thousands of Claims Following Storms and Floods in New Zealand

Major insurers operating in New Zealand including Insurance Australia Group and Suncorp Group have cumulatively received over 9,000 claims so far following severe storms and flooding in and around the biggest city, Auckland. As of Monday morning, Suncorp’s Vero and …

Japanese Insurer Tokio Marine Says Greensill Obtained Policies Fraudulently

Companies linked to insolvent British financier Lex Greensill obtained insurance fraudulently, insurer Tokio Marine said on Monday, adding it did not plan to pay out on the policies and would “vigorously defend” itself against any legal claims. Greensill’s supply chain …

Australia’s Regulator Sues Unit of IAG for Failing to Honor Promised Discounts

Australia’s corporate regulator commenced civil proceedings against a unit of Insurance Australia Group on Friday, for failing to pass on discounts worth A$60 million ($44.51 million) to nearly 600,000 customers. The Australian Securities and Investments Commission (ASIC) alleged that Insurance …

Tokio Marine Examines Validity of Greensill Insurance Policies Provided by Australia Unit

TOKYO – Japanese insurer Tokio Marine Holdings Inc. said on Wednesday it is investigating the validity of insurance policies provided by its Australian unit to speciality finance firm Greensill. Greensill filed for insolvency on Monday after losing insurance coverage for …

Here’s a Rundown of How Greensill Unraveled, the Key Players, and What Could Be Next

Lex Greensill’s business has unraveled at a blistering pace, leaving a tangled trail of destruction all around it. On Monday, Greensill Capital filed for administration in the UK, capping a stunning collapse for its founder. The bank that he owns …