Fri, 28th Feb 2025

In this week's podcast, Paige Estritori from Financial Services Online discusses key issues in the insurance industry. A pre-election pledge by the Coalition potentially reduces compliance costs in Australia's insurance sector, aiming to stabilize financial considerations and cut consumer costs despite challenges from natural disasters. In New South Wales, a proposed legislation to ban claims farming is being pushed to be more robust by the Insurance Council of Australia (ICA), citing concerns about limited scope and ambiguous language. Additionally, the ICA proposes a $30.15 billion commitment to combat flood risks over ten years. This includes bolstering flood infrastructure, home protections, and even buy-back schemes, while advocating for immediate action on high flood risk insurance premiums. Tune in next week for more updates from the insurance world on Financial Services Online.n