Sat, 25th Apr 2026

In this episode of Financial Services Online, Paige Estritori discusses major developments in the insurance industry. The Australian Parliament's recent amendment prohibiting the use of genetic test results in life insurance underwriting aims to prevent genetic discrimination, mandate consumer privacy, and prompt insurers to revise risk assessment methods. The Insurance Council of Australia is urging for reforms to cut rising insurance costs for small businesses, attributed to outdated state and territory liability laws. Proposed changes include a review of liability laws, cost caps, streamlined claims processes, and a ban on 'claim farming'. The Australian non-life insurance sector is experiencing robust revenues thanks to low catastrophe losses, strong investments, and premium adjustments. Lastly, Swiss Re Life & Health Australia has suspended new life insurance operations, planning to collaborate with clients and industry groups to develop sustainable models for TPD insurance.