Sat, 1st Feb 2025

In this episode of the Financial Services Online Weekly Insurance News Wrap, Paige Estritori discusses Australians' changing views on life insurance due to rising costs of living. A Council of Australian Life Insurers survey reveals that 25% of respondents consider cancelling their life insurance if finances worsen, along with 68% expressing affordability concerns. In response, companies like iExtend reinforce their support for informed insurance decision-making. The Australian Capital Territory has begun an inquiry, managed by the Legislative Assembly's Standing Committee on Economics, Industry and Recreation, on the escalating insurance costs. This inquiry examines various factors including climate change effects, workers' compensation, insurers' risk evaluations, and comparisons of costs across territories. It also covers public sector policy models affecting community organizations. The Canberra Business Chamber notes issues with unsustainable premium increases, especially regarding workers' compensation, hurting ACT businesses. Suggestions for the inquiry will be accepted until March 14.n