Sat, 16th Nov 2024

In this week's episode of the Weekly Insurance News Wrap, we discuss the increasing costs of household insurance premiums due to climate change in Australia. We highlight one case where premiums doubled due to storm risks, reflecting a nationwide problem. We highlight a report revealing 71% of parents concerned over rising insurance costs and explore their direct link to reliance on oil and gas for energy. Further, we discuss artificial intelligence's potential to revolutionize the insurance sector, expected to increase its impact six-fold on insurers' business. Finally, we mention new strategies from the Australian Prudential Regulation Authority to tackle affordability and manage severe weather and global instability's effects on the reinsurance landscape. Lastly, we talk about the CGU's third edition of their Strive guide series, emphasizing tech's impact on insurance brokers.n