Mon, 18th Mar 2024

The Weekly Insurance News Wrap discusses important insurance news in Australia. The New South Wales government has proposed major changes to the funding model for emergency services, intending to cease the current Emergency Services Levy (ESL). This move is to counter the rising cost of insurance while considering increasing climate change risks. The government is also investigating post-flood insurance practices, with the Standing Committee on Economics launching into targeted inquiries in flood-impacted areas, inviting public submissions until the end of July. Furthermore, the Australian Financial Complaints Authority ruled in favor of a vehicle owner in a disputed claim with insurer Suncorp - a case that has set a precedent in the industry. Lastly, a PwC survey outlines the industry's top concern: cyber security, prompting the need for affordable coverage, innovative and sustainable solutions to tackle the rising complexities of cybercrime, regulatory demands, and environmental risks.n