Thu, 23rd Apr 2026
from Insurance News Wrap Hosted by Paige Estritori
In this week's Financial Services Online podcast, host Paige Estritori discusses key stories from the Australian insurance sector. The Insurance Council of Australia has advocated for legal changes to address the rising insurance costs burdening small businesses, caused by outdated liability laws that have led to an up to 60% increase in premiums since 2019. The Council has proposed a nationwide review of these laws, including caps on legal costs and a crackdown on 'claim farming.' They also identify issues with government procurement rules requiring small businesses to purchase expensive insurance. Additionally, businesses are reminded to ensure appropriate coverage, following a café's underinsurance issue with Suncorp. Recent data indicates a rise in insurance complaints, mainly linked to processing delays in home-building and motor vehicle sectors. A notable development from South-West Queensland, where insurance premiums have risen by up to 500%, discusses the creation of a community insurance mutual to provide affordable coverage.
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