Thu, 30th May 2024

In this episode of Insurance News Wrap, significant changes in the Australian insurance sector were discussed. The Insurance Brokers Association of New Zealand highlighted potential increase in fire service levies on commercial properties due to proposed changes to the funding of emergency services. These changes might result in an affordability crisis and risk a rise in underinsurance. Additionally, the Insurance Council of Australia has collaborated with the Australian government to address soaring insurance costs, which particularly affect flood-prone regions. A special taskforce has been fashioned to explore solutions like reinsurance pools and direct subsidies. The move was prompted by a report showing 171,000 Australian households struggling with affordability issues. This weekly update concludes with a reminder for listeners to stay informed and prepare for future insurance needs.n