Fri, 1st Aug 2025

In this week's insurance news, Financial Services Online discusses a pet insurance case that underlines the importance of understanding policy fine print. A dog owner's claim was limited to a capped payout for a ligament injury, leading to calls for insurers to provide clearer policy documentation. The podcast also analyzes the retail life insurance sector under pressure, despite a $9.4 billion annual premium. Instead of growth from new business, increases have mainly come from price hikes, suggesting over 20% of Australians above 35 may be underinsured. Opportunity is seen, however, in earning growth and non-traditional risk advice markets. Lastly, controversial workers' compensation reform delays cost an estimated $6 million daily, risking a potential 36% premium rise for businesses. Concerns are raised over the possible ineligibility of workers with psychological impairments for benefits.