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Fri, 21st Jun 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Fri, 21st Jun 2024" was published on June 20, 2024.

June 20, 2024 · Insurance News Wrap

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Summary

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. Meanwhile, Victoria is experiencing a surge in insurance premiums due to an increase in claims settlements, builder insolvencies, and worker shortages.Distinctly, mental health issues are increasing and becoming a pressing issue as indicated by a remarkable rise in psychological insurance claims by Allianz. Lastly, a potential collaboration between life insurers and financial advisers is underway, aiming at enhanced customer service through the provision of basic product-specific advice under strict regulations.n

Episode Description

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. Meanwhile, Victoria is experiencing a surge in insurance premiums due to an increase in claims settlements, builder insolvencies, and worker shortages.Distinctly, mental health issues are increasing and becoming a pressing issue as indicated by a remarkable rise in psychological insurance claims by Allianz. Lastly, a potential collaboration between life insurers and financial advisers is underway, aiming at enhanced customer service through the provision of basic product-specific advice under strict regulations.n

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