Australian home insurance prices climb due to climate change

Home insurance - Australia - Map

A new green paper report from Finity has shown that global warming is skyrocketing coverage costs. Climate change is having an impact worldwide, but it isn’t dolling out the pain equally, as Australian homeowners are discovering as their home insurance premiums rapidly climb, said a new Finity green paper report. The Australian coverage industry is experiencing increasing losses due to extreme weather events. The Australian home insurance industry has been experiencing rising losses from extreme weather-related events over the last decade, even accounting for exposure growth and inflation. This year…

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Hiscox to provide shipping insurance for Ukraine grain corridor

Shipping insurance - Ship with cargo

The Lloyd’s of London insurer has committed to an intended coverage consortium for the purpose. Hiscox has announced its commitment to a planned shipping insurance consortium that will offer coverage for ships moving through a safe passage corridor from Ukraine. The Lloyd’s of London insurer faced notable first-half losses, sending its shares downward. Ukraine has now finally had its first grain-carrying ship head out of its port since the start of Russia’s war there. This has occurred following a deal brokered by the United Nations and Ankara. The ship departed…

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Earthquake insurance claims cause the third highest number of consumer complaints

Earthquake insurance - Complaints

The Australian Financial Complaints Authority recorded COVID and flood emergency claims in first and second. Earthquake insurance claim are responsible for the third most consumer complaints, behind only claims relating to COVID and those associated with flood emergencies, according to new data from the Australian Financial Complaints Authority (AFCA) based on Queensland and New South Wales filings. As of June 22, the AFCA had already received more than 350 complaints about claims from a September quake. The town of Mansfield in Victoria, Australia, suffered a 5.9 magnitude earthquake September 22,…

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EU watchdog seeks harmonized insurance policy protection strategy

Insurance policy - Approved

Consumers across the European Union are increasingly purchasing coverage from outside their countries. Harmonized insurance policy protection strategies of last resort are now necessary throughout the EU as the trend in which consumers in members states purchase coverage from outside their country of residence continues to rise, said the bloc’s insurance regulator this week. The cross-border premiums have been rapidly rising over the last half decade compared to domestic rates. European Insurance and Occupational Pensions Authority (EIOPA) Chair Petra Hielkema explained that premiums people are paying for cross-border insurance policy…

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IRA cautions that insurance fraud is harming the economy

Insurance Fraud - Research and analysis

The regulatory authority is urging Kenyans to cease their fraudulent claims as it’s hurting their economy. The Insurance Regulatory Authority (IRA) is urging people across Kenya to cease the rampant insurance fraud through scam claims. The IRA stated that the practice has been causing notable harm to the economy, while also slowing down the pace of legitimate claims settlements and causing premiums to spike and stay high. In fact, the IRA estimates that this practice is inflating premiums people are paying by up to 25 percent. The regulatory authority stated…

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Allianz reports spike in ship insurance claims from Black Sea region

Ship insurance - Cargo ship out at sea

The high-risk area has caused global insurers to see more filings and it’s expected to continue. A recent Allianz Global Corporate & Specialty (AGCS) report shows that ship insurance claims are on the rise and are only expected to continue rising due to the Russian war in Ukraine. The claims are expected to increase due to damaged and lost vessels as the conflict enters sea lanes. By the time of the writing of this article, there had already been two people killed and six merchant vessels struck by projectiles in…

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EU places sanctions on Russian oil insurance for transport

Oil insurance - European Union

European Union members are going beyond an import ban and are now targeting its coverage. The European Union is moving beyond the previous Russian crude import ban and is now targeting oil insurance companies covering the transport of the fuel. This move could substantially impair Russia’s ability to ship its crude to locations worldwide. The oil insurance sanctions have to do with banning coverage for European vessels and companies linked with the transportation of Russian crude worldwide. This is one component of a broader sanctions package the EU has been…

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