Insurance News Wrap

In this episode, Paige Estritori discusses key events affecting the insurance industry. Extreme weather in Eastern Australia has led to widespread damage, with insurance giants Allianz and Suncorp reporting a surge in claims. In legal news, the case of insurance broker Jason Prasad who was sentenced for selling fraudulent builders warranty insurance, underlines the importance of regulatory bodies...

This episode of the Weekly Insurance News Wrap, presented by Financial Services Online, covers major weather events and their impact on the insurance industry. It discusses the severe weather system afflicting eastern Australia, including New South Wales and Queensland, leading to extensive damage, fatalities, and a spike in insurance claims. The podcast also sheds light on a legal development inv...

In this week's episode of the Weekly Insurance News Wrap, we cover the severe storms hitting New South Wales and Queensland in East Australia, leading to a surge in insurance claims. We also delve into the case of Jason Prasad, who was sentenced to prison for selling fraudulent builders warranty insurance, a reminder of the importance of consumer vigilance. Moreover, we spotlight the catastrophic...

This week on 'Weekly Insurance News Wrap', we discussed the severe weather crises in Eastern Australia, particularly in New South Wales and Queensland which caused extensive destruction & a surge in insurance claims. In other news, a significant legal development unfolded as Jason Prasad from J&P Capital Insurance was sentenced for participation in a fraudulent builders insurance scheme, sending a...

This episode of the Weekly Insurance News Wrap by Financial Services Online highlights key industry news from Australia and global insurance updates. Australian broker Jason Prasad from J&P Capital was recently punished for selling fraudulent builders' warranty insurance. This case serves as a reminder of the importance of vigilance, stressing the role of regulatory bodies like the State Insurance...

In this week's 'Weekly Insurance News Wrap', host Paige Estritori discusses pertinent insurance events. From a fraudulent insurance case in Australia where broker Jason Prasad was sentenced for selling fake builders warranty insurance, warning consumers about necessary vigilance in purchases, to the catastrophic wildfires in Los Angeles, anticipating insurance losses of up to $20 billion USD - the...

In this episode of Financial Services Online, Paige Estritori discusses the rising trend of utilizing catastrophe bonds, nicknamed 'cat bonds', in addressing cyber risks. In consideration of the unpredictable nature of cyber threats, the traditional approach of insurance struggles to adequately cover losses. The industry has seen a stark growth in cyber insurance, from $1.5 billion in premiums in...

This episode of "Insurance News Wrap" discusses the latest trends in the insurance industry, focusing on cyber risk management and insurance claim resolutions. It highlights the increasing adoption of a novel approach - Catastrophe Bonds, due to the growing challenge of underinsured cyber threats. These bonds offer a potential solution despite their current infancy with an $800 million transferenc...

In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses recent developments in the Australian insurance industry. She highlights a significant trend as financial sectors resort to catastrophe bonds due to increasing cyber risks, with cyber insurance premiums soaring from $1.5 billion in 2013 to $15 billion in 2024. However, the still modest cyber bond market suggests room for...

This episode of the Weekly Insurance News Wrap covers key updates in the Australian insurance sector. It opens with a discussion on the rise of cyber threats and their insurability in our tech-dependent world. Given the unpredictability of cyber losses, the insurance industry is looking at innovative approaches such as Catastrophe Bonds, traditionally used for natural disasters. Despite being new,...

In this episode of Financial Services Online, host Paige Estritori discusses the ongoing evolution of the insurance industry in an increasingly digital age. The primary focus is on the intriguing adoption of Catastrophe Bonds for cyber risk management. Despite the exponential growth of cyber insurance premiums over the past years, the industry still struggles to effectively insure against the unpr...

In this episode of 'Insurance News Wrap', host Paige Estritori discusses how the concept of catastrophe bonds is revolutionizing the field of cyber risk management. With cyber insurance premiums soaring from $1.5 billion in 2013 to $15 billion in 2020, this strategic approach, still in its early days, seems promising for the future of cyber insurance despite ongoing challenges in determining adequ...

This episode of the Insurance News Wrap with Paige Estritori features key updates in the Australian insurance market. The Geneva Association's recent report suggests that catastrophe bonds could help handle the increasing cyber risk landscape, which has seen insurance premiums surge from $1.5 billion in 2013 to $15 billion in 2024. A case involving QBE and a dispute over a lost gold necklace under...

In this week's Financial Services Online podcast, Paige Estritori discusses key topics from the Australian insurance industry. A dispute over the insurance value of a lost piece of jewelry highlights the complexity of claims resolutions. Government reforms are projected to change the insurance landscape in 2025, introducing "simple guidance" and digital integration to empower consumers and increas...

In this week's installment of the Weekly Insurance News Wrap, Paige Estritori discusses major developments in the Australian insurance industry. The Australian government proposes new advice reforms set to improve consumer outcomes by introducing 'simple guidance', thereby making insurance more accessible. The proposal also introduces a new breed of advisors, focusing on straightforward insurance...

In this week's Insurance News Wrap, Paige Estritori of Financial Services Online discusses pivotal insurance advice reforms in Australia, led by Assistant Treasurer Stephen Jones and endorsed by the Insurance Council. The goal is to create a new type of advisers who offer simple, straightforward guidance to consumers, boosting engagement and industry competitiveness. The impact of technological ad...

This insurance podcast brings critical updates on the insurance industry in Australia. Assistant Treasurer Stephen Jones, backed by the Insurance Council, is spearheading reforms aimed at simplifying insurance guidance. These government reforms promise a new class of advisors to streamline consumer engagement, particularly for those with basic insurance needs. Digital integration is seen as a pote...

In this episode of the Weekly Insurance News Wrap, we discuss the potential for a major shift in Australian insurance landscape with the government proposing advice reforms to simplify decisions for consumers. A new scandal in the vintage car world highlights the importance of thorough understanding of one's insurance cover. Also, Woolworths has moved to rectify a car insurance pricing mishap resu...

In this week's episode, Paige Estritori from Financial Services Online covers transformative changes in Australia's insurance industry. Spearheaded by Assistant Treasurer Stephen Jones, the government pursues advice reforms, empowering insurers to offer "simple" guidance to consumers with less intricate needs. The move coincides with the challenges from the recent flood inquiry and could increase...

This episode of the "Weekly Insurance News Wrap" discusses a case involving the owner of a vintage Pontiac GTO in a legal dispute over an insurance claim that was refused by SGUAS, highlighting the importance of understanding insurance policies and repair shop agreements. It also explores an error made by Woolworths, where a pricing glitch in their Everyday Insurance car policies resulted in overc...

In this episode of the Weekly Insurance News Wrap, Paige Estritori of Financial Services Online discusses notable advancements in Australia's insurance industry, particularly the strengthening of partnerships focusing on restoration services. Key highlights of the week include the strategic alliance between RACQ Insurance and RIA Australasia, aimed to upgrade the restoration industry and enhance c...

In the latest episode of the Weekly Insurance News Wrap, Paige Estritori discusses significant industry developments in Australia. RACQ Insurance's recent alliance with RIA Australasia, following the footsteps of Suncorp, aims to enhance industry standards and improve weather-related claim management in response to escalating global climate challenges. RIA Australasia, an influential branch of the...

In this episode of the Weekly Insurance News Wrap, we discuss the impactful collaboration between RACQ Insurance and RIA Australasia, echoing prior moves by Suncorp, aimed at improving industry standards within Australia's restoration services sector. This partnership anticipates an inaugural code of practice in 2025, expected to boost professionalism within the restoration industry. Additionally,...

In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses a significant development in Australia's restoration industry. RACQ Insurance follows Suncorp's lead in partnering with RIA Australasia, exemplifying insurers' growing engagement to raise industry standards. Brodie West, Chair of RIA Australasia, welcomes deeper insurer involvement, anticipating a boost in professionalism...

In this episode of the Weekly Insurance News Wrap, host Paige Estritori discusses key insurance industry developments in Australia. The spotlight is on RACQ Insurance's strategic alliance with RIA Australasia, a move which indicates increased insurer participation to enhance industry standards. This follows a similar initiative by Suncorp. RIA Australasia Chair, Brodie West, is optimistic about th...