Sat, 11th Jan 2025

This episode of the Weekly Insurance News Wrap covers key updates in the Australian insurance sector. It opens with a discussion on the rise of cyber threats and their insurability in our tech-dependent world. Given the unpredictability of cyber losses, the insurance industry is looking at innovative approaches such as Catastrophe Bonds, traditionally used for natural disasters. Despite being new, cyber bonds present a significant potential growth opportunity. The episode also brings up a recent insured value dispute where a claimant and QBE disagreed on the value of a lost gold necklace. The case highlighted the importance of understanding insurance policies, as the Australian Financial Complaints Authority dismissed the claim for higher compensation based on actual replacement costs. Tune in for these insights and more on our rapidly changing insurance landscape.