Thu, 31st Jul 2025

This week on Financial Services Online, Paige Estritori covers significant events in Australian insurance industry. Retail life insurance sector, responsible for underwriting $9.4 billion in annual premiums, struggles with increasing prices and minimal new business growth. However, rising incomes open up chances for expanding into new markets. The New South Wales government faces financial strain due to stalled workers' compensation reform, particularly on workplace mental injury laws. Elsewhere, the Australia Financial Complaints Authority rejects a claim for travel plan reshuffle reimbursements, raising consumer awareness on the importance of understanding insurance policy terms. Lastly, brokers in high-risk zones turn to fee-based models to tackle cyclone insurance affordability issues, despite improvements in the cyclone reinsurance pool.n