Mon, 21st Apr 2025

In this week's Insurance News Wrap by Financial Services Online, we discuss the impact of climate change on insurance in Australia. Research shows 4% of Australian properties are high risk because of climate change, causing a surge in insurance costs, predicted to reach $35 billion by 2050. The Insurance Council of Australia and Climate Valuation advocate for more resilience, like investment in flood defenses and national climate-proofing standards, to manage risk and potentially ease premiums. We also cover a case where a woman's claim was rejected after incorrect fuelling of her car, underlining the importance of understanding policy documents. This decision by Suncorp was upheld, but they were fined $3000 for delays. Visit financialservicesonline.com.au for more updates on Australia's insurance issues and more.