Thu, 27th Jun 2024

In this week's edition of the Weekly Insurance News Wrap, host Paige Estritori discusses key developments in Australia's insurance sector. The Federal Court ruled that Vero, QBE, and Star International must fulfill their obligations to the Baralaba Coal Company despite policy expiration, covering additional repair costs for the uncompleted repairs of a radial coal stacker. Separately, the New South Wales government's 2024-25 budget allocates $5.7 billion for disaster prevention and emergency services levy reform, aimed at reducing insurance premiums via a transition to a property levy. It also includes over half a billion dollars for the Resilient Homes Program, over $87 million for the Resilient Lands Program, and anticipates a growth of the ESL by $205.6 million by 2027-28. Both the Insurance Council of Australia and IAG praise the budget's focus on safety, affordability, and long-term protection.n