Mon, 24th Jun 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Mon, 24th Jun 2024" was published on June 23, 2024.

June 23, 2024 · Insurance News Wrap

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Summary

In this week's episode, host Paige Estritori discusses the latest updates regarding insurance in New South Wales and Victoria. In NSW, the 2024-25 budget earmarks $5.7 billion for disaster prevention, intending to make insurance more affordable through a policy shift from the emergency services levy to a property levy-based system. This move is expected to decrease premiums and is commended by the Insurance Council of Australia and IAG for its long-term vision. The NSW government's Resilient Homes and the Resilient Lands Programs are also highlighted. In contrast, Victoria sees a rise in builders' warranty insurance premiums due to claims settlements, builder insolvencies, inflation, and labor shortages. Despite the Victorian Managed Insurance Authority's explanation, the Housing Industry Association criticizes the increase, warning that it aggravates the existing housing affordability problem. As such, the two regions mark strikingly different approaches to their insurance landscapes.

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