News

Reinsurance market will see double digit price hike next year

Published

3 years ago

July 10, 2023

Insurers in the nation are expected to continue raising premiums by double digits, despite a year of rapid increases, as ongoing losses in key areas negatively impact their financial standings.

According to KPMG’s latest quarterly update on the insurance sector, gross written premiums rose by 10.2% in the 12 months leading up to March. Underwriting profits also saw a boost, increasing by 12.4% to reach $5.3 billion.

However, these gains were offset by a surge in net claims costs, which were 20.4% higher than the previous quarter and 36.5% higher than the same period last year, totaling $9.17 billion.

KPMG insurance partner Scott Guse told the Australian that he predicts that premiums will continue to rise, with customers facing at least a 10% increase in the coming year.

While commercial lines, particularly property and motor insurance, experienced an overall premium increase of 11.5%, profitability in these areas was supported by the release of reserves for business interruption due to recent court decisions on pandemic policy exclusions, as well as premium hikes.

Despite the overall positive profitability numbers, certain sections of the insurance market face challenges, particularly in motor and home insurance, where losses have grown. Home insurers incurred a loss of $321 million, while household insurance resulted in a $275 million loss in the year leading up to March.

Motor profitability also declined to $408 million, down from $688 million in the previous year.

Insurers have been passing on premium increases of at least 10% to customers, but they are still experiencing losses.

This suggests significant cost increases in the market, including rising reinsurance costs. Reinsurers historically underpriced their coverage, but recent market shifts have led to higher costs for insurers and customers alike.

Insurance companies like IAG and Suncorp have adjusted their reinsurance arrangements to mitigate these rising costs, but ultimately, the expenses are being passed on to customers.

While customers are willing to accept the price increases for now, the industry recognises the need for caution.

Insurers are concerned about the sustainability of the current path, with a major focus on climate change and the importance of advocating for disaster resilience.

The increased frequency and severity of natural disasters globally have put pressure on insurers.

In Australia, losses from recent disasters have led to a worsening insurance environment, both domestically and internationally.

The Insurance Council of Australia emphasises the need to improve mitigation and resilience measures to present a better risk story and prevent further worsening of insurance pricing.

The combination of losses from various catastrophes has reduced the global appetite for reinsurers, resulting in increased insurance costs overall.

News

Greenland says “No” to U.S. takeover — Chooses Denmark in geopolitical showdown

Greenland’s PM chooses Denmark over U.S. amid Trump’s controversy over Arctic control, emphasizing sovereignty and local sentiment.

Published

23 hours ago

January 14, 2026

Harvey Vargas

Greenland’s PM chooses Denmark over U.S. amid Trump’s controversy over Arctic control, emphasizing sovereignty and local sentiment.

Greenland’s Prime Minister Jens‑Frederik Nielsen has delivered a clear message amid renewed pressure from the U.S. — if forced to choose between the United States and Denmark, Greenland will pick Denmark, NATO, and the EU.

Nielsen made the declaration in Copenhagen alongside Danish Prime Minister Mette Frederiksen ahead of diplomatic talks with top U.S. officials.

The announcement comes as U.S. President Donald Trump has again stoked controversy by suggesting Washington could pursue ownership or control of Greenland, citing strategic interests in the Arctic. European leaders and Greenlandic officials have pushed back strongly against these ideas, emphasising sovereignty and respect for international law.

This standoff places Greenland’s future in the spotlight — as Copenhagen and Nuuk reaffirm their ties, local sentiment remains overwhelmingly opposed to U.S. annexation and supportive of Greenland’s own path forward.

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#Greenland #Trump #Denmark #ArcticPolitics #NATO #Geopolitics #InternationalRelations

News

Trump promises aid amid Iran unrest

Trump urges Americans in Iran to evacuate amidst escalating protests and vows support for protesters seeking freedom.

Published

23 hours ago

January 14, 2026

Harvey Vargas

Trump urges Americans in Iran to evacuate amidst escalating protests and vows support for protesters seeking freedom.

President Trump has called on Americans in Iran to evacuate as tensions escalate following the government’s violent crackdown on antigovernment protesters. He has ruled out negotiations and encouraged protesters to continue their efforts, hinting that aid could be on the way.

The unrest in Iran has reportedly resulted in over 2,000 deaths, including both protesters and security forces. U.S. officials are reportedly weighing various responses, from sanctions to potential military options, though no immediate action has been confirmed.

Trump delivered a direct message to the people of Iran, emphasising support for their push for freedom and safety amid the growing crisis.

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#IranProtests #Trump #USPolitics #MiddleEastCrisis #HumanRights #EvacuationAlert #GlobalNews #TickerNews

News

Trump escalates pressure on the Federal Reserve with Powell probe

Trump administration investigates Fed Chair Powell, raising concerns over political pressure on monetary policy and economic stability.

Published

2 days ago

January 13, 2026

Harvey Vargas

Trump administration investigates Fed Chair Powell, raising concerns over political pressure on monetary policy and economic stability.

The Trump administration has launched a criminal investigation into Federal Reserve Chair Jerome Powell, dramatically escalating tensions between the White House and the central bank.

The probe centres on Powell’s testimony over a controversial renovation of the Federal Reserve’s headquarters, raising alarm over whether political pressure is being applied to monetary policy decisions.

The move has sparked fierce debate in Washington, with critics warning it could undermine investor confidence and destabilise economic expectations.

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#FederalReserve #JeromePowell #DonaldTrump #USPolitics #MonetaryPolicy #Markets #Inflation #TickerNews