Insurance News Wrap

In this week's podcast, Paige Estritori provides updates on the Australian insurance industry's major developments. Notable highlights include New South Wales' government's new budget allocation of $5.7 billion for disaster prevention and insurance reforms. Changes to the emergency services levy into a property levy are met positively, relieving insurance premiums especially in flood-prone areas....

This week's Financial Services Online podcast, hosted by Paige Estritori focuses on important updates in the financial industry. Firstly, the Victorian Managed Insurance Authority (VMIA) has raised builder warranty insurance premiums due to influences like builder insolvencies, inflation and skilled worker shortages. This decision has been met with opposition from the Housing Industry Association....

This podcast discusses important updates from the insurance industry. First, it highlights a controversial rise in insurance premiums by the Victorian Managed Insurance Authority due to increased claim settlements. Housing Industry Association criticizes the move, stating it worsens the housing affordability crisis. Next, the podcast discusses growing workplace mental health concerns with Allianz...

In this Tuesday, June 18, 2024 edition of the Weekly Insurance News Wrap, the focus is on rising costs within the Australian building industry. The Victorian Managed Insurance Authority announced an average 53% increase in builders' warranty insurance premiums due to rising building insolvency, inflation, and skilled worker shortage, leading to concerns of worsening housing affordability. Mental h...

In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses important updates impacting the Australian insurance industry. Focus is given to a recent Senate Economics Legislation Committee hearing, where Christine Cupitt, Chief Executive of the Council of Australian Life Insurers (CALI), discussed the council's campaign to promote a collaborative relationship between life insurers...

In this edition of the Weekly Insurance News Wrap, host Paige Estritori discusses the latest developments in the Australian insurance industry. A recent Senate Economics Legislation Committee hearing highlighted the commitment of the Council of Australian Life Insurers (CALI) to collaborate with financial advisers. CALI's aim is to support advisers by providing basic product-specific advice direct...

This week on Financial Services Online's Weekly Insurance News, we discussed a statement by Christine Cupitt, the chief executive of the Council of Australian Life Insurers (CALI). Cupitt emphasized that CALI plans to collaborate with financial advisors, providing consumers easily understood, product-specific advice rather than competing with these advisors. Additionally, in response to severe wea...

This week's 'Weekly Insurance News Wrap' hosted by Paige Estritori discusses the severe flooding threat in New South Wales, especially Hawkesbury-Nepean River region due to heavy rainfall reaching up to 160 millimeters in some areas. Residents are urged to initiate insurance claims as early as possible. Furthermore, meteorological warnings for Illawarra and South Coast have been lifted, though mod...

In this episode of the Weekly Insurance News Wrap, Paige Estritori of Financial Services Online discusses the growing flood threats in New South Wales, Australia, particularly in the Hawkesbury-Nepean River region. She mentions major disruptions and significant damage due to unstable weather patterns and heavy rainfall, bringing daunting challenges for insurance agencies bracing for a surge in cla...

In this week's Weekly Insurance News Wrap, we cover intense weather conditions in New South Wales, which continue to pose flood risks, particularly in the Hawkesbury-Nepean River region. Insurance agencies encourage residents to start their claims processes early due to potential flash flooding. Meanwhile, in Queensland, there's a planned 4% increase in WorkCover's workers' compensation premiums....

In this episode of Financial Services Online, Paige Estritori covers significant insurance news in Australia. Top stories include upcoming storms in New South Wales, where insurance agencies and the State Emergency Service are preparing for potential flooding, especially in the Hawkesbury-Nepean River region. In Queensland, a 4% rise in workers' compensation premiums has been reported, aimed at ma...

In this week's Insurance News Wrap, we cover a range of issues affecting the industry. First, WorkCover Queensland announces a 4% increase in workers' compensation premiums, a move to ensure economic stability and workforce welfare. A case in New South Wales highlights the importance of vigilant claim detection systems, with accusations of fraudulent medical claims totalling over $380,000. Insuran...

On June 7th, Paige Estritori discusses key developments in the insurance world. Key topics include the 4% increase in worker's compensation premiums by WorkCover Queensland, intended to avoid sudden dramatic leaps and maintain the state's competitive edge. This follows a different route compared to NSW's sharp 8% increase. The program also touched on the NSW Supreme Court's decision to freeze Hane...

In this episode of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori covers significant developments in Australia's insurance sector. There's a moderate 4% increase in WorkCover Queensland's Workers' Compensation premiums attempting to avoid sharp spikes; the move still keeps Queensland competitive despite challenges like the rise in mental injury claims. Meanwhile, New South...

This week's Financial Services Online podcast focused on recent issues involving Insurance Australia Group (IAG). IAG faces a class action initiated by Slater and Gordon, alleging deceptive loyalty discounts on home and contents insurance renewals under the RACV, SGIO, and SGIC brands, potentially impacting millions of policyholders. Previously, similar misconduct resulted in a $40 million fine fo...

In this podcast, Paige Estritori from Financial Services Online discusses key updates from Australia's insurance sector. The highlight of the episode is the class action lawsuit against Insurance Australia Group (IAG), brought by law firm Slater and Gordon in the Victorian Supreme Court, over alleged deceptive pricing practices. The lawsuit accuses IAG of inflating insurance premiums before allege...

In this episode of the Weekly Insurance News Wrap, host Paige Estritori presents key issues from the week. The Australian Financial Complaints Authority (AFCA) is pushing Insurance Australia Group (IAG) to reassess a claim from a driver suffering significant water damage, which was initially denied due to alleged late submission and lack of evidence. IAG has been penalized by AFCA in the wake of t...

In this week's podcast, Paige Estritori discusses major trends in the Australian insurance industry and emergency services funding changes in New Zealand. Estritori highlights a class action lawsuit against SGIO, RACV, and SGIC for allegedly manipulating algorithms and exploiting customer loyalty, underscoring the need for transparent practices in the industry. The podcast also addresses proposed...

This episode of the Weekly Insurance News Wrap dives into two major stories affecting the insurance industry in Australia and New Zealand. Under scrutiny are major insurance firms, SGIO, RACV, and SGIC, part of the Insurance Australia Group, as they face a lawsuit by Slater and Gordon. The case alleges they deceived long-standing customers into thinking they were receiving loyalty discount benefit...

In this podcast episode, Paige Estritori covers key developments in the insurance industry. Major Australian insurers, SGIO, RACV, and SGIC face a class action lawsuit initiated by Slater and Gordon, alleging the companies misled loyal customers over insurance premium costs. This case highlights the significance of transparency and consumer protection. Additionally, attention turns to New Zealand...

In this episode of Insurance News Wrap, significant changes in the Australian insurance sector were discussed. The Insurance Brokers Association of New Zealand highlighted potential increase in fire service levies on commercial properties due to proposed changes to the funding of emergency services. These changes might result in an affordability crisis and risk a rise in underinsurance. Additional...

In this episode of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori discusses vital insurance industry ramifications in Australia and New Zealand. Firstly, she addresses the Insurance Brokers Association of New Zealand's concerns over proposed changes to funding for emergency services, which could drastically increase non-insurance risks and charges for commercial assets. Th...

In this episode of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori delves into significant industry updates. Major concerns arise as the Insurance Brokers Association of New Zealand warns about the forthcoming amendments to emergency services funding, which may drastically raise commercial property costs. The potential introduction of typically exempt assets to Fire and Eme...

This week on Financial Services Online's Weekly Insurance News Wrap, we discussed the Insurance Council of Australia and the government's efforts to address rising insurance costs, particularly in flood-prone regions. A taskforce was formed to study solutions such as reinsurance pools and direct subsidies. We highlighted a recent case which emphasized the importance of continuous insurance coverag...

In this episode of Financial Services Online's weekly insurance news wrap, we discuss key developments in the industry. Firstly, the Insurance Council of Australia is addressing rising insurance costs with the potential introduction of reinsurance pools and direct subsidies, particularly beneficial for areas prone to flooding. Furthermore, a recent Australian Financial Complaints Authority decisio...