Fri, 26th Jun 2026

In this episode of the Weekly Insurance News Wrap, host Paige Estritori discusses major advancements in the Australian insurance industry, including a draft General Insurance Code of Practice unveiled by the Insurance Council of Australia. The draft proposes key obligations that will be legally enforceable, including automatic acceptance of certain claims after 12 months, diamond standard standards for expert reports, and reinforced measures for vulnerable customers. Particular attention is given to impacts on boat owners. The New South Wales Budget's renewed focus on the Emergency Services Levy is also analyzed, which relies heavily on insurance charges and aims to generate $1.51 billion from insurers and policyholders by 2026-27. Urgent calls for reform towards a property-based system are explored. These changes will prompt careful scrutiny of insurance renewals and potential cost shifts for landlords, tenants, and businesses.