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In a significant development for the Australian travel insurance sector, Europ Assistance Australia (EAA) has been granted a general insurance licence by the Australian Prudential Regulation Authority (APRA). This authorisation enables EAA to underwrite its own travel insurance products, marking a pivotal step in its commitment to the Australian market. - read more
The Australian Travel Industry Association (ATIA) is intensifying its efforts to secure a permanent authorisation for travel agents, tour operators, and accredited travel businesses to sell travel insurance at the time of booking. This initiative follows an exemption granted in 2021, which is set to expire in October 2026. - read more
In a strategic move to concentrate on its core health insurance operations, Nib Holdings has entered into a binding agreement to sell its World Nomads international travel insurance business to International Medical Group (IMG) for a cash consideration of $67.5 million. This transaction is subject to regulatory approvals and customary conditions, with the majority of proceeds expected within the current calendar year. - read more
The Australian Competition and Consumer Commission (ACCC) has intervened to block Insurance Australia Group's (IAG) proposed $1.35 billion acquisition of RAC Insurance, citing significant concerns over reduced competition in Western Australia's insurance sector. This decision underscores the regulator's commitment to maintaining a competitive market landscape, particularly in essential household insurance lines. - read more
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Knowledgebase
Term Life Insurance: A life insurance that provides a cover for a specific period of time - usually one to five years or until the insured reaches age 65 or 70.
