Sun, 23rd Jun 2024

In this weekly insurance news wrap, Paige Estritori covers significant updates and trends. The Minns government of New South Wales (NSW) is shifting towards resilience and financial relief through a $5.7 billion budget allocation for disaster prevention, making insurance affordable with reforms to the emergency services levy. There is also increased funding for Resilient Homes and Lands Programs to combat adverse weather impacts. In contrast, Victoria faces turbulence with a sudden increase of 53% in builders' warranty insurance premiums due to high claim settlements. The Victoria Managed Insurance Authority sees this move as homeowner protection, while the Housing Industry Association expresses concerns on exacerbating housing affordability issues. Lastly, according to an Allianz report, a significant rise in claims for psychological distress and mental-health related absenteeism in workplaces has been noted, indicating an urgent need for tailored mental health strategies.n