Fri, 21st Jun 2024

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