Sun, 21st Apr 2024

In this episode of the Weekly Insurance News Wrap, host Paige Estritori discusses insights from the Australian insurance industry. Key highlights include the significant decline in life insurance participation due to the 'Protecting Your Super' legislation, adversely affecting an estimated 3.4 million Australians. However, potentials for market recovery are bolstered by the Australian Prudential Regulation Authority's capital amendments and the rising price of income protection products. Elsewhere, UK-based CFC is expanding its footprint in Australia by acquiring Solution Underwriting. This strategic move amplifies their services to local customers and increases their workforce. Finally, the episode covers the call for urgent reform of the stamp duty system by the Australian Consumers Insurance Lobby. Queeslanders endure high insurance costs, and ACIL suggests abolishing the 9% insurance duty could generate $1.5 billion revenue or be reallocated to disaster resilience schemes. Tune in for more in-depth coverage.n