Sun, 12th Jan 2025

In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses recent developments in the Australian insurance industry. She highlights a significant trend as financial sectors resort to catastrophe bonds due to increasing cyber risks, with cyber insurance premiums soaring from $1.5 billion in 2013 to $15 billion in 2024. However, the still modest cyber bond market suggests room for growth. She also shares a distinctive case regarding insured jewelry where a claimant challenged insurer QBE's replacement value of a lost gold necklace compared to the cash value. The Australian Financial Complaints Authority sided with QBE, emphasizing compensation based on replacement rather than insured sums. This case underscores the need to understand the nuances of insurance clauses alongside simply having insurance.