Latest news with #NRMAInsurance
AU Financial Review
22-07-2025
- Business
- AU Financial Review
Analysts see more upside for insurance giants after FY25's stellar run
As investors navigated a turbulent 2025 financial year, two insurance giants climbed the wall of worry to deliver double-digit returns: IAG and QBE. IAG, behind the NRMA Insurance brand, delivered 33 per cent total return, while QBE, which operates in 27 countries, gained 44 per cent. Both outperformed the S&P/ASX 200's 15 per cent return.
Sydney Morning Herald
18-06-2025
- Business
- Sydney Morning Herald
Insurance claims for wild weather damage this year already exceed 2024 total
Insurance claims for wild weather in the first five months of this year have already surpassed 2024 for at least one major insurer, as the community tallies the cost of Cyclone Alfred and the NSW floods. NRMA Insurance said it had received 32,000 claims for wild weather-related damage to both vehicles and property between January and May this year, including cyclones, devastating floods, damaging winds and storms. While unusually high, it did not surpass the 53,716 claims in the first five months of 2022 for damage from widespread floods and an east coast low. Climate Change Authority chair Matt Kean said Australia needed to reduce emissions to limit further climate warming, while also mounting a strong national adaptation effort to protect the nation against the risks that were already here. 'It's no surprise the damage bill is mounting,' Kean said. 'This underscores the need for practical action like updating building codes and extending cyclone construction standards further down the coast.' Loading The Albanese government has invested $27.4 million in Australia's first-ever National Climate Risk Assessment and a related National Adaptation Plan, but it is yet to be released. The Climate Change Authority will on Thursday publish a report examining the perils of climate change for home owners, including the implications of ex-tropical Cyclone Alfred and expectations of more southerly cyclones. CSIRO research suggests every $1 invested in climate resilience saves up to $11 in recovery costs. Alfred was the first cyclone to threaten South East Queensland and northern NSW in 50 years. Peter Chan, a meteorologist and executive manager with NRMA's natural perils team, said back in 1974 when Cyclone Zoe and Cyclone Wanda hit, there were 2 million people living in South East Queensland and now there were 4 million. By 2046, the population of the region is expected to grow to 6 million. NRMA Insurance covers every state and territory except Victoria, where IAG insurance is sold by RACV. Chan said Queensland experienced its worst season for wild weather claims back to at least 2017 – and that it took just 66 days for the state to surpass its total claims due to weather damage in 2024.
The Age
18-06-2025
- Business
- The Age
Insurance claims for wild weather damage this year already exceed 2024 total
Insurance claims for wild weather in the first five months of this year have already surpassed 2024 for at least one major insurer, as the community tallies the cost of Cyclone Alfred and the NSW floods. NRMA Insurance said it had received 32,000 claims for wild weather-related damage to both vehicles and property between January and May this year, including cyclones, devastating floods, damaging winds and storms. While unusually high, it did not surpass the 53,716 claims in the first five months of 2022 for damage from widespread floods and an east coast low. Climate Change Authority chair Matt Kean said Australia needed to reduce emissions to limit further climate warming, while also mounting a strong national adaptation effort to protect the nation against the risks that were already here. 'It's no surprise the damage bill is mounting,' Kean said. 'This underscores the need for practical action like updating building codes and extending cyclone construction standards further down the coast.' Loading The Albanese government has invested $27.4 million in Australia's first-ever National Climate Risk Assessment and a related National Adaptation Plan, but it is yet to be released. The Climate Change Authority will on Thursday publish a report examining the perils of climate change for home owners, including the implications of ex-tropical Cyclone Alfred and expectations of more southerly cyclones. CSIRO research suggests every $1 invested in climate resilience saves up to $11 in recovery costs. Alfred was the first cyclone to threaten South East Queensland and northern NSW in 50 years. Peter Chan, a meteorologist and executive manager with NRMA's natural perils team, said back in 1974 when Cyclone Zoe and Cyclone Wanda hit, there were 2 million people living in South East Queensland and now there were 4 million. By 2046, the population of the region is expected to grow to 6 million. NRMA Insurance covers every state and territory except Victoria, where IAG insurance is sold by RACV. Chan said Queensland experienced its worst season for wild weather claims back to at least 2017 – and that it took just 66 days for the state to surpass its total claims due to weather damage in 2024.
Sydney Morning Herald
30-05-2025
- Automotive
- Sydney Morning Herald
The range of EVs is surging, but certain fears are holding back sales
Consumer doubts about the longevity of electric vehicle (EV) batteries and the lack of a second-hand market are preventing more people from buying EVs, even as the number of options proliferates. The government forecasts that EVs will one day dominate Australian roads but the latest figures show the proportion of new cars sold that are EVs has slowed to only 5.9 per cent of the market. New research from insurance giant NRMA says key reasons Australians lack confidence in electric cars include doubts over owners' ability to find qualified EV technicians when they need repairs, and concerns about the viability and safety of second-hand EV parts, including batteries. NRMA, which said there were 80 EV models available and more were expected in the coming months, also flagged customer concerns about how to safely dispose of EV batteries at the end of their use. The report, based on interviews with 2079 people including 91 EV owners and 280 individuals considering EV ownership, showed more than 60 per cent of existing owners were concerned about the lack of qualified technicians who could repair them, and almost all of them said they expected their insurer to have access to EV technicians. NRMA Insurance chief executive Julie Batch said the absence of qualified EV technicians was an issue compounded by a national shortage of automotive repair technicians. 'Nationally there are 38,000 unfilled automotive positions right now, and EVs are different. So you need both those skills that are current in automotive technicians, panel beaters, repairers, things like that, and you need to add to those things,' Batch said. She said filling that void would require upskilling an already dwindling industry. The automotive sector has also previously warned of a shortage of technicians to service the growing number of EVs on the roads. The Victorian Automotive Chamber of Commerce has said the industry would probably need two to three times the current number of qualified EV technicians. An additional 68 per cent of those surveyed by NRMA were concerned about recycling and disposing of EV batteries, and less than one-third of drivers said they'd be comfortable using a recycled battery. They cited fears over battery fires, especially when charging vehicles, despite evidence suggesting EV battery fires are rare.
The Age
30-05-2025
- Automotive
- The Age
The range of EVs is surging, but certain fears are holding back sales
Consumer doubts about the longevity of electric vehicle (EV) batteries and the lack of a second-hand market are preventing more people from buying EVs, even as the number of options proliferates. The government forecasts that EVs will one day dominate Australian roads but the latest figures show the proportion of new cars sold that are EVs has slowed to only 5.9 per cent of the market. New research from insurance giant NRMA says key reasons Australians lack confidence in electric cars include doubts over owners' ability to find qualified EV technicians when they need repairs, and concerns about the viability and safety of second-hand EV parts, including batteries. NRMA, which said there were 80 EV models available and more were expected in the coming months, also flagged customer concerns about how to safely dispose of EV batteries at the end of their use. The report, based on interviews with 2079 people including 91 EV owners and 280 individuals considering EV ownership, showed more than 60 per cent of existing owners were concerned about the lack of qualified technicians who could repair them, and almost all of them said they expected their insurer to have access to EV technicians. NRMA Insurance chief executive Julie Batch said the absence of qualified EV technicians was an issue compounded by a national shortage of automotive repair technicians. 'Nationally there are 38,000 unfilled automotive positions right now, and EVs are different. So you need both those skills that are current in automotive technicians, panel beaters, repairers, things like that, and you need to add to those things,' Batch said. She said filling that void would require upskilling an already dwindling industry. The automotive sector has also previously warned of a shortage of technicians to service the growing number of EVs on the roads. The Victorian Automotive Chamber of Commerce has said the industry would probably need two to three times the current number of qualified EV technicians. An additional 68 per cent of those surveyed by NRMA were concerned about recycling and disposing of EV batteries, and less than one-third of drivers said they'd be comfortable using a recycled battery. They cited fears over battery fires, especially when charging vehicles, despite evidence suggesting EV battery fires are rare.
