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Suncorp Enhances Financial Resilience with AU$2.4 Billion Reinsurance Agreement

12 Jun 2026: Paige Estritori

Suncorp, a leading Australian insurer, has recently secured a substantial reinsurance agreement valued at AU$2.4 billion over a five-year period. This strategic move is designed to bolster the company's financial resilience and stability in the face of increasing natural hazard costs and a competitive insurance market. - read more

APRA Enforces AU$2 Million Capital Add-On for Sovereign Insurance Australia

12 Jun 2026: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has recently imposed an additional AU$2 million capital requirement on Sovereign Insurance Australia (SIA). This decision comes in response to identified deficiencies in SIA's risk management framework and operational risk management practices. - read more

Mecon Enhances Construction Insurance Coverage to $120 Million

12 Jun 2026: Paige Estritori

In a significant development for Australia's construction industry, Mecon, a specialist in construction insurance, has announced an increase in its underwriting capacity. Effective from March 10, 2026, Mecon now offers coverage up to $120 million for single projects under its material damage and public liability policy sections. This marks a substantial rise from the previous limit of $50 million. - read more

Mirabelle Unveils Lloyd's-Backed Insurance for Australia's Renewable Energy Sector

12 Jun 2026: Paige Estritori

Mirabelle Underwriting, a specialist in construction and engineering insurance, has launched a new product tailored for renewable energy operations in Australia. This initiative, backed by Lloyd's capacity, aims to address the specific risks associated with the rapidly expanding renewable energy sector. - read more

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Flood Insurance:
A specific type of property insurance that covers losses and damage caused by flooding.

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