Insurance News Wrap

In this episode of the Financial Services Online weekly insurance news update, we discuss current trends and events in Australia's insurance industry. We cover QBE Insurance Group's faced market struggles resulting in share falls and slowed premium rate growth despite a rise in gross written premiums and a substantial share buyback. We review the booming profits of 2024 driven by high insurance pr...

In this episode of the Weekly Insurance News Wrap, host Paige Estritori discusses a new report revealing significant growth in Australia's insurtech sector. Despite hurdles like attracting customers and managing data security because of AI incorporation, the overall outlook appears promising. Australian insurtech startups have been successful at home and are expanding abroad, especially in the UK,...

On this week's news wrap with Paige Estritori from Financial Services Online, we delve into various topics impacting the Australian insurance scene. First, we explore WFI Insurance's trend of incentivizing environmentally-conscious farmers with the potential for premium discounts. This innovation not only benefits climate-impacted communities but strengthens food security and environmental outcome...

In this episode of "Insurance News Wrap", Paige Estritori discusses latest updates from the Australian insurance industry. WFI Insurance is encouraging sustainable farming practices by offering premium discounts to AgCarE certified farmers. In the logistics insurance field, Insuregroup has experienced a 25% increase in demand for truck insurance, handling over 10,000 policies due to the rise in fr...

In this week's Insurance News Wrap, Paige Estritori discusses key happenings in the Australian insurance industry. The program highlights WFI Insurance's green initiative, offering premium discounts to farmers maintaining sustainable farming practices via an AgCarE certification. Elsewhere, a sharp increase in professional indemnity insurance premiums poses a challenge for businesses, resulting fr...

This podcast reported by Financial Services Online covers the impact of climate change on Australian home insurance, citing rising costs around the country due to increased claims from severe weather events. A focus on regional risks and resilience measures has been suggested to navigate these changes. The construction industry, however, sees insurance costs drop as a result of a more competitive...

In this week's Insurance News Wrap, Paige Estritori discusses the updates to the Cyclone Reinsurance Pool effective April 1st, that will allow strata property owners in North and Central Queensland to reduce insurance premiums by adopting cyclone mitigation activities. Federal and state governments are offering the Strata Resilience Program, providing grants to cover up to 75% of cyclone mitigatio...

In this week's episode of Financial Services Online's Weekly Insurance News Wrap, the spotlight is on home insurance as the Australian bushfire season approaches. The urgency to understand insurance policies is stressed, particularly considering the minimal comprehension rate among households. Business news reveals a significant rise in cyber insurance interest following an increase in cyber attac...

This episode of the Weekly Insurance News Wrap discussed significant shifts in Australia's insurance landscape. It notably highlighted mental health becoming the primary cause of total and permanent disability claims in Australia, seeing a staggering 700% increase in the past decade among Australians in their 30s. There was also focus on marina operators facing hardships due to soaring insurance p...

This episode of Weekly Insurance News Wrap, hosted by Paige Estritori, emphasizes the current challenges that Australian small and medium-sized businesses, particularly beauty salons, are facing due to surging insurance premiums. The Australian Chamber of Commerce and Industry and the Insurance Council of Australia are calling for urgent reforms including the abolition of insurance taxes and a rev...

This episode of Weekly Insurance News Wrap discusses crucial insurance issues in Australia. The rising insurance premiums affecting small to medium-sized enterprises (SMEs) are causing industry bodies to seek urgent reforms as businesses risk reducing coverage. Suggestions for reform include abolishing insurance taxes and reviewing SME insurance costs. The episode also covers the formation of TLI...

In this week's Insurance News Wrap, we discuss the alarm raised by the Australian Chamber of Commerce and Industry and the Insurance Council of Australia on rising insurance premiums affecting small and medium-sized enterprises. Proposed solutions include abolishing insurance taxes, reshaping civil liability laws, and creating a national insurance guidance body. We also review major insurers - QBE...

This episode of the Weekly Insurance News Wrap discusses key issues in the Australian insurance industry. The Australian Chamber of Commerce and Industry, alongside the Insurance Council of Australia, are expressing concern over climbing insurance premiums impacting small to medium-sized businesses. They suggest actions such as scrapping insurance taxes, reviewing costs, and developing new product...

In this episode of the Weekly Insurance News Wrap, host Paige Estritori navigates the major developments in the Australian agribusiness sector. Highlights include Nutrien Ag Solutions overtaking Elders to become Australias most trusted agribusiness brand, and the launch of a $139.8 million dollar Sheep Industry Transition Assistance Package (SITAP) aimed at modernizing sheep farming. The Pastorali...

In this week's insurance news wrap, Paige Estritori discusses CHU's 2025 Strata Market report outlining the affordability of strata insurance premiums, an in-depth review of weather events, and regulatory policies in various areas of Australia. Emerging challenges such as building defects and lithium-ion battery fires are spotlighted, indicating that affordability, climate resilience, and regulato...

In this episode of the Weekly Insurance News Wrap, Paige Estritori of Financial Services Online covers the latest in the insurance industry. The key highlight is CHU, Australia's largest strata insurance underwriting agency's report revealing a modest growth in strata insurance premiums contrasted by a surge in standalone house insurance costs. Regulatory changes and reviews in NSW, WA, and the AC...

This week's financial podcast covered developments in the Australian insurance industry. Notably, CHU's 2025 State of the Strata Market report shows a slight increase in strata insurance premiums due to climate risks and strata issues, with affordability, climate resilience, and regulatory compliance dictating future trends. Life and income protection insurance saw a decrease in premiums, hinting...

In this episode, Paige Estritori of Financial Services Online discusses key updates from the Australian insurance industry. Emphasized were CHU's 2025 State of the Strata Market report, which solidified affordability and emerging risks like building defects and lithium-ion battery fires in the strata insurance market, and Rainmaker Information's Direct Life Insurance Report that points to a decrea...

In this week's Insurance News Wrap, Financial Services Online discusses key industry updates in the Australian insurance market. The CHU highlights a 2.8% uptick in strata insurance premiums in their new report, contrasting the 14% surge in standalone house insurance due to climate risks. Other issues like building defects and lithium-ion battery fires are also discussed. The Insurance Australia G...

This edition of the Weekly Insurance News Wrap discusses key insurance stories, including Digital Agriculture Services' innovative crop insurance tool using machine learning and geographic data for precise policies, already in use by over 140 entities with global expansion plans. Additionally, safety improvements have led to decreased farm liability claims, but natural disasters present ongoing ch...

In this week's insurance news, the Australian insurance brokerage Insuregroup marked a milestone by processing their ten thousandth truck insurance policy, highlighting a 25% YoY growth, driven largely by increased freight activity and regulatory scrutiny. Corporate movements include Allianz's acquisition of RAA Insurance Holdings and Insurance Australia Group's purchase of RACQ Insurances portfol...

On this week's Insurance News Wrap, we discuss the rollout of TLI Underwriting, a new venture from The Envest Group, offering bespoke coverage for large transport businesses. We also cover ASIC's legal proceedings against QBE Insurance for misleading premium discount practices, affecting over half a million customers. For small and medium-sized tradie businesses, Hutch Underwriting has launched Tr...

This week's podcast from Financial Services Online covers the major stories in the Australian insurance industry. It discusses record after-tax profits of $7.3 billion for general insurance over the past year, brought about by lower catastrophe losses and high investment returns. However, this boom has prompted debates concerning fair pricing and increased scrutiny on premium rates. The Australian...

In this podcast episode of the Financial Services Online Weekly Insurance News Wrap, new reforms implemented by the New South Wales Government will bolster strata community governance. This change will yield enhanced transparency, accountability, and financial management in strata schemes. On the insurance front, despite market turbulence, strata insurance premiums saw a modest rise of 2.8%, subst...

In this week's episode of the Weekly Insurance News Wrap, we discuss key issues relevant to Australians, starting with the significance of procedural fairness in insurance claims, highlighted by a recent AFCA ruling against life insurer TAL. We also tackle the financial burden posed by mental health on our insurance systems, with the Actuaries Institute pushing for a full system review for sustain...