Insurance News Wrap

This weekly insurance news wrap discusses prominent narratives about the necessity for comprehensive insurance cover and the increasing relevance of mental health claims. Australian life insurer, TAL, paid out $4.7 billion in life insurance claims over the past year, with mental health being the top category (21% of total). This highlights the growing importance of comprehensive cover. In other ne...

In this week's Financial Services Online podcast, Paige Estritori discusses recent updates in the Australian insurance sector. The report covers financial strategies devised in response to challenges from high natural disaster risk areas, and the potential creation of a $30.15 billion mitigation fund. Another focus area is the rise of mental health claims, with efforts to establish a standardized...

This episode of Financial Services Online's podcast offers a comprehensive review of recent insurance developments in Australia, spotlighting the burgeoning partnership between WFI Insurance and sustainable agriculture initiative, AgCarE. The discussed alliance aims to reward farmers who secure AgCarE certification, which evaluates environmentally-friendly practices, with premium reductions. The p...

In this episode of the Weekly Insurance News Wrap, host Paige Estritori discusses key events in Australia's insurance industry. There has been a significant increase in collision risks for fleet operators, leading to stricter oversight from insurers and the adoption of Usage-Based Insurance using telematics. Larger firms are leaning towards captive insurance for improved stability. Driver distract...

In this week's insurance news, there's a significant increase in collision risks in Australia's transport sector leading to a surge in motor claims and stricter regulatory oversight. To combat this, fleet operators are exploring Usage-Based Insurance, a solution using telematics to monitor driving behaviours and reduce premiums. This development is catching the interest of large firms exploring ca...

In this episode of Financial Services Online, Paige Estritori discusses recent developments in the insurance industry. The Australian Securities and Investments Commission has initiated legal proceedings against RACQ Insurance for allegedly misleading customers about premium costs, underscoring the importance of transparency in the sector. In travel insurance news, Southern Cross has seen a 43% in...

In the Weekly Insurance News Wrap, Paige Estritori discusses key Australian insurance industry issues, including potential economic fallout if liability laws are not amended, the rising insurance costs impacting live music venues, and the significant profits of local insurance companies. The Insurance Council of Australia proposes reforms to curb these costs, attributing them to outdated civil lia...

In this week's insurance news, the Insurance Council of Australia (ICA) calls for liability law reforms due to rising insurance costs, particularly in the entertainment sector. The ICA proposes a national tort law review, emphasizing the need to reassess civil liability laws, address claim farming, and redefine dangerous activities. In other news, the insurance industry saw record profits in 2024...

In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses the major developments in Australia's insurance industry. A record post-tax profit of 6.1 billion dollars was reported last year, driven by heightened home and car insurance premiums. Due to a decreased rate of natural disasters claims, there's talk of stabilizing premiums. Rising insurance costs, unfortunately, are chall...

In this week's insurance industry news, Australian insurers saw a record after-tax profit of over $6 billion last year, a significant rise from the previous five-year average of $2 billion, as per KPMG's annual review. This was due mainly to increased insurance premiums and fewer natural disaster claims. However, there is growing consumer concern over affordability. To combat rising premium costs,...

This podcast provides a comprehensive update on the latest industry news in Australia. This includes initiatives launched in New South Wales and South Australia towards sustainable future with the introduction of zero-emission trucks and changes in freight policies. It also covers safety concerns over overseas licenses for driving heavy vehicles, highlighting the need for stricter policies and tra...

In this episode of Financial Services Online's 'Weekly Insurance News Wrap,' we discuss various insurance developments. We start by revealing human error, particularly inattention, as the leading causes of truck crashes in Australia based on the National Truck Accident Research Centre's report. We highlight the success of firms that promote safe driving cultures in mitigating insurance risks. We m...

In this episode of Financial Services Online Weekly Insurance News Wrap, we delve into Australian insurance news for October 15, 2025. The Supreme Court of New South Wales fined Allianz Australia Insurance and AWP Australia $16.8 million for misleading consumers about travel insurance from 2016 to 2018. Also explored is the rise in travel insurance policies and related claims due to Australians' i...

In this podcast, Paige Estritori outlines the key challenges Australia's food and beverage sector faces, including business interruption, lack of proper insurance, and evolving risks such as climate change and regulatory changes. She notes the rise in hospitality industry insolvencies and identifies heightened costs, rent increases, and declining consumer spending as primary factors. Small busines...

On this episode of the Weekly Insurance News Wrap, we discuss critical news impacting the Australian insurance industry. We cover a shocking case from New Zealand about a former broker, Murray McClune, sentenced for embezzling $NZ1.7 million from his clients. In Australia, state insurer icare is investigating potential underpayments in workers compensation claims, affecting around 9,400 claims. In...

In this episode of Financial Services Online's Weekly Insurance News Wrap, we discuss the investigation into underpaid workers compensation claims led by The State Insurance Regulatory Authority (SIRA) involving the NSW's largest insurer, icare. The effects of a rise in mental health-related permanent disability claims on the insurance industry and the amount paid in claims last year are also high...

This episode of the Weekly Insurance News Wrap brought by Financial Services Online addresses growing mental health insurance claims in Australia, with a shocking 700% increase for those in their 30s during the past decade. The industry strives to balance consumer needs against the sustainability of support systems. Legal proceedings against Australain Super over death benefit claim delays, and AS...

In this week's Insurance News Wrap hosted by Paige Estritori from Financial Services Online, it was reported that Suncorp, the Australian insurer, had a promising financial year, with an 8% rise in full-year cash earnings ending June 30, 2025. This success is attributed to improved insurance margins, lower natural hazard costs, and a significant increase in investment returns. In light of their fi...

This week in insurance, Prime Minister Anthony Albanese confirmed the government's commitment to financial aid for Queensland and New South Wales communities devastated by ex-Tropical Cyclone Alfred. The Australia Securities and Investments Commission is taking legal action against QBE Insurance for allegedly misleading over half a million of its customers. On a positive note, Australian insurance...

This podcast episode discusses key insurance updates. After ex-Tropical Cyclone Alfred, the Australian Government has bolstered financial support for affected workers in Queensland and New South Wales, with income support and a disaster payment available. Insurance claims relating to the disaster are mounting, underscoring the importance of both public and private sectors in crisis response. NRMA'...

In this podcast, host Paige Estritori of Financial Services Online discusses key developments in the insurance industry including Insurance Australia Group's (IAG) impressive 91% net profit increase and the expected rise in premiums due to inflationary pressures. IAG's proposed acquisition of RAC's insurance business is also examined for its potential impact on competition and service quality. In...

This week's Insurance News on Financial Services Online discusses major issues reshaping the Australian insurance sector. The podcast covers a 28% surge in home insurance premiums, hitting the highest point in two decades due to a mix of inflation, mounting construction costs, and increased natural disasters. It also addresses the concerns around Netstrata's inflated strata insurance fees, leading...

This week's insurance news highlights Australia's need to address the climate-related gaps in rural coverage. Due to the rising frequency of floods, fires, and droughts, the national climate risk assessment reveals a potential loss of $40 billion annually for agricultural industries. Advancements in geospatial technology could critically solve this problem by allowing for precise risk assessments....

This podcast episode by Financial Services Online with Paige Estritori discusses significant events in Australia's insurance sector. It shines light on rising mental health claims causing strain on the life insurance industry, which now account for nearly one-third of all disability claims as per the Council of Australian Life Insurers. The episode also highlights a class-action lawsuit filed by S...

This podcast episode, hosted by Paige Estritori for Financial Services Online, discusses major developments in Australia's insurance industry. Primary focus is on the ACCC's concerns about Insurance Australia Group's (IAG) proposed acquisition of Royal Automobile Club of WA's insurance arm, fearing possible hikes in premiums and declining service quality. Other concerns include potential interfere...