Insurance Australia

Hurricane Harvey and Hurricane Irma - Insurance Impact Standard & Poor’s has downplayed the impact hurricanes in the United States could have on Australian insurers. Hurricanes Harvey and Irma have decimated parts of the US over the past week  and insurance stocks in Australia have fallen as a result. Last week, shares in QBE Insurance fell 2%, Suncorp Insurance dipped 2.1% and IAG fell 3.9% as Irma made its way to the coastline and the aftermath of Harvey became clearer, The Australian reported. In a conference call, Craig Bennett, insurance ratings director at S&P, said that QBE Insurance faced the most risk. Search and compare insurance product listings for Natural Disasters from specialty market providers here “The potential for claims to be large is there,” Bennett said. “The potential for Australian exposure would probably be largely through QBE and they do have moderate levels of well-structured reinsurance in place to manage that risk. It wouldn’t create any pres

Insurance Premium Increases QBE has said that it has seen steady rate increases throughout 2017 and expects the trend to continue to the end of the year. Announcing its half year financial results yesterday, the insurance giant saw average premium rate increases of 5.2% in its Australian and New Zealand businesses across its portfolio, compared with a 0.3% reduction in the prior period. John Neal, QBE Group CEO, said that the commercial market has seen the bulk of the increases as QBE’s local business is skewed towards commercial lines. “It has actually increased slightly as the year has progressed,” Neal said. “Turning into 2017, rates were up about 4%, by the half they were up 5% and if we look at rate movements now in August they are up around 6%. We have got every sense that, certainly through 2017, in the bracket of 5-6%, that level of rate increase is sustainable.” Neal revealed that, while premium increases vary across the commercial book, the property market has seen the

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Rising Insurance Premiums Suncorp has seen premium increases in the 10% to 13% range during June renewals and even more upon processing requests for a Suncorp Insurance Quote . The major insurer said that increases within that range have come through “fairly freely” over the busy period. Michael Cameron, CEO and managing director of Suncorp, said that the firm is noticing a turn in the market. Search and compare insurance product listings against Financial Loss from specialty market providers here “We do see a bit of a turn in that market,” Cameron told a media briefing. “We continue to lose a bit of a share, you would see our gross written premium down for the year, but definitely there is hardening now coming through on the commercial book at the top end.” And when it comes to domestic policies, Cameron said that over FY17, increases of around 3% to 5% were common in home and motor, and similar increases are expected over the coming financial year. “It is a hardening market,”

Insurance Premiums Total direct insurance premiums written were up by 3.1% in real terms in the last year, even amid moderate global economic growth. Nominal growth of 2.9% – based on US dollar figures – was lower than real growth because of currency depreciations particularly in the UK and some emerging countries.    Swiss Re’s latest sigma report revealed that global insurance premiums showed a “fairly solid” outcome, despite economic growth standing at just 2.5% last year.  It cited economic growth as a key driver of insurance demand. This has held true in the Australian insurance market, with Australian insurance premiums rising by 5 to 10% over the last year, among all major insurance companies including QBE , Allianz, Zurich, NTI, Global Transport, Suncorp, RACQ, NRMA, GIO and Budget Direct.  Global direct life insurance premiums in 2016 increased 2.5% in real terms, amounting to $2.6trn. In non-life, global premiums grew by 3.7%. Search and compare insurance product listin