The ongoing business disruption caused by COVID-19 has delayed the expected profit recovery for the Australian General Insurance industry, according to Finity’s annual state of the industry report, Optima.
This article aims to address the risks faced by property owners in the current environment, where fluctuating supply costs and government restrictions may cause previously reasonable insured values to be insufficient, leaving policyholders out of pocket.
In another head-spinning but generally improved FY21 for general insurers, COVID-19, new customer regulations and climate change are proving to be the biggest issues affecting insurers, according to Taylor Fry’s recently released annual analysis of the general insurance sector, RADAR. Read the key findings, which draw on the latest APRA data.
The survey, conducted by Willis Towers Watson, found Life and Property & Casualty (P&C) insurers are likely to enhance their use of automation over the coming five years to streamline processes.
