Sun, 21st Apr 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Sun, 21st Apr 2024" was published on April 20, 2024 and runs 2 minutes.

April 20, 2024 ·2m · Insurance News Wrap

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Summary

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

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