Sat, 22nd Jun 2024

This episode of Financial Services Online's Weekly Insurance News Wrap discusses key developments in Australia's insurance sector. The New South Wales government, in its 2024-25 budget, is changing the emergency services levy to a property levy basis, aiming to reduce insurance premiums. This change has been praised by the Insurance Council of Australia and the Insurance Australia Group. Additionally, the budget earmarks significant funding for managing severe weather. In Victoria, builders' warranty insurance premiums have risen due to industry instability, leading to debates about housing affordability. The podcast also discusses the rising numbers of workplace mental health claims which increasingly include issues such as stress, bullying, and burnout. The cost of mental health claims has tripled compared to physical claims, indicating a pressing need for improved mental health strategies. The podcast wraps up by urging listeners to stay informed about the evolving insurance sector.n