Thu, 16th Jan 2025

This episode of the Weekly Insurance News Wrap by Financial Services Online highlights key industry news from Australia and global insurance updates. Australian broker Jason Prasad from J&P Capital was recently punished for selling fraudulent builders' warranty insurance. This case serves as a reminder of the importance of vigilance, stressing the role of regulatory bodies like the State Insurance Regulatory Authority (SIRA) and icare in protecting consumer interests. In global news, Los Angeles is handling wildfires resulting in possibly over $20 billion USD in insured losses, with concerns over insurance gaps as insurers retreat from California's marketplace. The need for safer infrastructure planning against climate change is emphasised in response to the wildfires.