Health insurance premiums are on the rise in Australia

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Large insurers are raising rates by a significant margin Several of Australia’s largest health insurance providers, including Medibank Private Limited and NIB, will be increasing premiums in the coming days. These insurers have been raising premiums annually for the past few years, which has placed many consumers under greater financial pressure. Some of the country’s insurers have also been accused of offering “junk” policies, which offer consumers very limited coverage. With higher premiums and the abundance of these junk policies, many consumers may opt to go without health insurance coverage…

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Australian companies accused of selling “junk” health insurance policies

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Consumer advocacy group Choice calls out private insurance providers in Australia Three of Australia’s largest private health insurance companies have been named by Choice, a consumer advocacy group, for offering what it calls “junk” policies. According to Choice, these policies are expensive, but provide relatively little benefits when compared to what can be obtained through Australia’s Medicare system. Policies obtained through this system are less expensive and may be a better option for consumers that need insurance coverage. Junk policies provide less than 1% coverage for several medical services Among…

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Cyber insurance is growing in Australia

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Australian Cyber Security Center highlights the rise of cyber attacks in the country A growing number of companies in Australia are beginning to find solace in cyber insurance protection. According to the Australian Cyber Security Center, the country’s digital networks are experiencing an increase in sophisticated attacks in both the public and private sectors. As such, cyber insurance has become a more important priority for companies that have a significant presence in the digital space. While insurance protection is becoming more coveted, it may not be able to address all…

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Australian government to investigate high homeowners insurance rates

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Government will be examining the rate at which insurance premiums are growing in Queensland The Australian Federal Government will be investigating the claimed need for higher property insurance rates in Central and Northern Queensland. Those living in these areas have seen their insurance rates grow at an exponential pace, placing them under heavier financial burden than they have experienced in the past. Some federal officials believe that the rate hikes that property owners have experienced are “ridiculous,” and they want to ensure that consumers are being treated fairly. Disasters continue…

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Berkshire Hathaway sees promise in Singapore’s insurance industry

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Berkshire Hathaway to sell non-life insurance coverage in Singapore Berkshire Hathaway, one of the world’s leading insurance conglomerates, is planning to begin selling non-life insurance coverage in Singapore. The company has been granted a license to sell such coverage in the country and this coverage will be sold through Berkshire Hathaway Specialty Insurance. The subsidiary was launched last year in order to accommodate with needs in the commercial insurance market and will begin doing business in Singapore in the near future. Company will underwrite property, casualty, and liability coverage in…

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Queensland hailstorm puts pressure on the homeowners insurance sector

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Insurance Council of Australia reports more than 68,000 claims filed due to disaster The Insurance Council of Australia has released information concerning one of the most devastating hailstorms that Queensland has ever seen. The organization noted that the damage caused by the hailstorm was so severe that Queensland’s two largest insurance companies may have to call upon their own reinsurance protection to manage costs. According to the Insurance Council of Australia, more than 68,000 claims have been filed as a result of the hailstorm, and this number is still rising.…

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Flood insurance becomes a divisive issue in Australia

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Australian government considers privatizing last state-owned insurance organization Flood insurance is becoming a major concern in Australia. The Australian government is beginning to privatize flood protection, allowing various insurance companies to provide coverage directly to consumers rather than providing this coverage through the Territory Insurance Organization (TIO). TIO is the last state-owned insurance organization in the country, and the government has been working to sell off policies that had previously been the organization’s responsibility. This could have serious implications regarding the cost of flood insurance coverage. Privatized flood protection could…

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Tropical Cyclone Rusty to Deliver High Winds, Heavy Precipitation and Flooding to Coast of Western Australia

According to catastrophe modeling firm AIR Worldwide, Tropical Cyclone Rusty formed only on Saturday, February 23, but grew rapidly and intensified due to… low wind shear (5-10 knots) and very warm waters off the northwestern coast of Australia (31-32° C). It is expected to intensify further as it approaches the coast as the upper level environment remains highly conducive for development. Rusty is expected to make landfall near Port Hedland around 6 p.m. WST on Wednesday Feb. 27 (5 a.m. EST, Wednesday 2/27) as a severe tropical cyclone-a Category 4…

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IBISWorld updates report on life insurance industry in Australia

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Report suggests the industry is struggling due to lingering economic woes Market research and analysis firm IBISWorld has made updates to one of its reports concerning the state of the life insurance industry in Australia. The report had initially noted that the industry has been showing signs of progress due to growing demand for traditional life insurance coverage. The firm has updated the report to show that this demand is not being reflected in the life insurance industry’s revenue performance. IBISWorld suggests that poor revenues seen throughout the industry are…

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