Mon, 22nd Apr 2024

In this episode of the Weekly Insurance News Wrap, Paige Estritori reflects on recent trends in Australia's insurance industry. A significant decrease in life insurance coverage in the previous half-decade is reported, likely due to changes in the "Protecting Your Super" act aimed at preserving superannuation funds. Despite the growing under-insurance gap and a decreasing number of life insurers and friendly societies, there's hope for a market recovery following APRA's capital amendments. On an international note, London-based cyber insurance leader CFC is expanding its Australian presence through the acquisition of Melbourne's Solution Underwriting, which could offer a broader range of insurance solutions to SMEs nationwide. The podcast concludes with discussion on potential stamp duty system reforms ahead of state elections in Queensland, as proposed by the Australian Consumers Insurance Lobby to alleviate high insurance costs for northern residents.