Sun, 19th May 2024

The Weekly Insurance News Wrap covers key industry developments. Recent focus has been on the Australian Senate's examination of insurance availability and costs in light of increasing climate change risks. The Insurance Council of Australia has committed to support this, reinforcing its devotion to community safety and efficient disaster management. Meanwhile, the life and risk market struggles, with fewer advisors and new regulations. Still, a 7.3% increase was noted in new disability income business. Controversy stems from frustrations after the 2022 Melbourne floods, with residents requiring clear communication and swift actions from insurance companies. In response, Allianz has reformatted their flood coverage, aiming to expedite claims processes. Despite issues, the sector continues to adapt to new challenges, pushing forward for better consumer experiences and safety measures.