Sat, 20th Apr 2024

In this weekly insurance news wrap, Paige Estritori reports on declining life insurance coverage in Australia due to legislation influencing automatic coverage. This decline has led to an estimated under-insurance gap for 3.4 million people. Despite this, increased prices and changes to capital amendments have made income protection products more appealing, leading to signs of potential market recovery. In other news, London's leading global cyber insurer CFC is furthering its reach in Australia, acquiring Melbourne's Solution Underwriting. This move will boost CFC's local presence, fulfilling their goals of global expansion. Lastly, the upcoming Queensland state election brings a prompt for insurance reform. The Australian Consumers Insurance Lobby is advocating for the abolition of the 9% insurance duty, reducing high insurance costs, and potentially generating $1.5 billion in the process.