Thu, 27th Mar 2025

This episode of Financial Services Online deals with critical issues playing out in Australia's insurance sector. It discusses consumer advocacy groups' critique of insurance companies over practices like 'poverty premiums' and 'loyalty taxes'. Following this, the episode looks at an appeal by the Insurance Council of Australia (ICA) CEO, for government involvement to control escalating motor insurance premiums, which have surged by 42% since 2019. Subsequently, it examines the worrying rise of car theft claims expenses, nearly doubling since 2015 to reach $428 million. Lastly, it reports on a dispute where the Australian Financial Complaints Authority denied compensation to an uninsured driver. The show wraps up with hopes for more certainty and fairness in the sector.