Sat, 31st Jan 2026

In this episode of the Daily Financial Services News Wrap, Paige Estritori covers the significant developments in Australia's insurance industry. The industry saw a massive leap in profitability in 2024 due to a rise in premiums and favourable weather conditions. However, there are growing concerns about the affordability of insurance, with average premiums for home and car insurance rising markedly. Opposition to these hikes is leading to calls for increased competition and possible dismantling of large insurers accused of overcharging. Meanwhile, projections indicate the general insurance segment growing significantly by 2029. The broadcasting also touches on the decrease in farm liability claims, pointing to improved safety practices by Australian farmers. Despite these advances, hazards from machinery and large animals continue to pose challenges.