Mon, 24th Mar 2025

This episode of Financial Services Online's Weekly Insurance News Wrap discussed three main topics. First, it highlighted a report showing an alarming rise in car theft claims, particularly in Queensland and Victoria. The number of claims nearly doubled from $218 million in 2015 to $428 million in 2025, largely because of increased vehicle values and repair costs. Second, the episode discussed a dispute between QBE Insurance and an uninsured driver involving an accident. The Australian Financial Complaints Authority sided with QBE, denying compensation to the uninsured driver, but fined QBE $500 for initial misinformation. Lastly, the episode reported a proposal from the Australian Consumers Insurance Lobby urging insurers to contribute $250 million annually towards mitigating disaster risks and improving insurance accessibility. This fund would enhance premium relief and fund long-term insurance strategy research, supplementing the proposed $30 billion flood defense program. The podcast ended urging the audience to stay tuned for further developments.