Constraints on its prudential, operational and financial flexibility are chipping away at APRA's autonomy, according to the regulator, with admissions it has fallen short of global standards
The ACCC has given IAG its seal of approval to buy Wesfarmers’ underwriting business but there are still questions as to how the operation will be integrated.
Industry experts have called for an independent body to issue policies on how the Australian financial system should be managed long term.
The insurers say ACCC’s green light is a “milestone” but must wait for other authorities to also give their seal of approval - and one is stalling.
PLUS: An insurer launches app to make life easier for brokers; an Aussie giant sells $350m of floating rate notes for an acquisition; a Marsh state manager joins a new team, and more.
Yesterday Insurance Business reported on a group buying initiative headed up by a former insurance boss but the industry has slammed the move, demanding greater disclosure and accusing it of “spruiking nonsense”.
An Aussie insurer plans to raise millions to partially fund the acquisition of an underwriting business it earmarked to buy last year.
A growing amount of business was placed with unauthorised foreign insurers between July and December last year, with players from two countries in particular gaining a large chunk of that business.
Relying too heavily on catastrophe models without thorough research and analysis can be detrimental to insurers and the industry, says one insider.
The use of unrated insurers is igniting furious opposition from chartered brokers in the UK, so much so that they are asking for regulators to ban intermediaries from using them.