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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Wednesday, 03 June 2020

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Climate forcing Australians to cough up more for insurance

By Grace Ormsby · May 01 2020

Reading:

Invest

Climate forcing Australians to cough up more for insurance

By Grace Ormsby
May 01 2020

Reading:

Climate forcing Australians to cough up more for insurance

By Grace Ormsby · May 01 2020

Reading:

Consumers could bear the brunt of an increase in the sheer magnitude and frequency of extreme weather events due to the impact climate is having on Australian insurers.

A new risk radar report from Sparke Helmore Lawyers has revealed that the Australian insurance market continues to experience extreme volatility driven by an “unprecedented level of natural disasters”.

According to the law firm, “insurers have their backs to the wall” after the recent and catastrophic 2020 bushfire season.

Firm partner Chris Wood has indicated an understanding “that the narrative on climate risk has shifted as boards and insurers are warned of the danger of underestimating the increase in the cost of natural disasters”.

And with increasing losses experienced in recent years due to the sheer magnitude and frequency of extreme weather events and the resultant reduced availability and affordability of insurance, Sparke Helmore has foreshadowed: “There is a real danger that markets will shrink and expose consumers and governments to additional financial burden.”

According to the report, insurers are not having to manage the intersection between policies, risk premiums and price “to strike a balance between the viability of business and societal expectations”.

It comes as technological advancements also threaten to disrupt the insurance industry domestically.

With Australia’s insurance market becoming more competitive and consolidated, the report has stated that insurance bodies’ boards and C-suites need to have enterprise-wide oversight of every current conceivable eventuality and have strategies in place to mitigate and/or respond to risks around privacy, cyber security, regulatory intervention, supply disruption and reputational damage.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.