Sat, 17th Aug 2024

This week's financial update covers several notable issues in the insurance industry. APRA has urged insurers to boost cyber defenses given rising cyber threats and an emphasis on financial stability. Scratchings from the courtroom include a rejected $1 million insurance claim by former rugby star, Ethan Lowe, emphasizing the complexity of sports injury claims and importance of policy comprehension; and a homeowner's triumph over insurer Allianz in a fire damage dispute, stressing the value of clear communication and robust evidence. Lastly, climate risk and its impact on insurance premiums have been highlighted, with a call for more rigorous risk assessment and climate readiness strategies to address the discrepancy in insurance rates due to natural climate variability and extreme weather instances.n