Thu, 21st Mar 2024

In this episode of the Weekly Insurance News Wrap, we discuss Australia's current insurance issues, starting with the Treasury's recognition of the need for clearer definitions of disaster insurance coverage terms. Despite limited benefits, insurers are starting to standardize terms for maintenance and natural wear. The Insurance Council of Australia is coordinating the definition of 'fair wear'. The Australian Prudential Regulation Authority (APRA) encourages the industry to shape its future, emphasizing effective communication, severe weather response, protection gaps, and policy transparency. The New South Wales government considers changes to the Emergency Services Levy (ESL), blamed for high insurance costs. They plan to use anonymized insurance data for fairer systems. The House of Representatives Standing Committee on Economics proceeds with its examination into post-flood insurance practices, engaging with experts and visiting flood-affected areas. Contributions to the inquiry are open until the end of July.