Sun, 17th Mar 2024

In this week's Australian insurance news, Financial Services Online reviews an initiative to amend New South Wales's Emergency Services Levy to combat rising insurance costs with a new data-driven approach. On a national level, the House of Representatives is investigating post-flood insurance practices from the 2022 floods. Public participation is open until July end, enabling citizens to contribute towards effective insurance policies. A significant court ruling in favour of a car owner in an insurance claim dispute with Suncorp has set a precedent for future incident cases, emphasizing accurate policy definitions. Lastly, heightened cyber risks, alongside other market challenges, have become primary concerns for Australian insurers, as shown in a recent PwC survey. Insurers now face the task of innovating affordable coverages amidst this backdrop of evolving threats.