Fri, 22nd Mar 2024

On this episode of Weekly Insurance News Wrap, Paige Estritori discusses key topics in the Australian insurance industry. Spotlight is on the strata sector, with the Australian Consumers Insurance Lobby identifying transparency issues; public feedback is invited through an online survey. The program also covers the complexities surrounding disaster insurance classifications, such as defining the term 'flood'. These intricacies warrant collaboration with the Insurance Council of Australia and others. APRA's Sean Carmody emphasizes transparent communication and the importance of insurers shaping their industry's future. Attention is also drawn to the New South Wales government's proposed changes to the Emergency Services Levy due to its impact on insurance costs. These costs, in turn, have implications for the rates of uninsured residents and responses to climate change risks. The podcast concludes with a call for transparency and collaboration in making the insurance industry healthier and more resilient.n