Tue, 18th Jun 2024

In this Tuesday, June 18, 2024 edition of the Weekly Insurance News Wrap, the focus is on rising costs within the Australian building industry. The Victorian Managed Insurance Authority announced an average 53% increase in builders' warranty insurance premiums due to rising building insolvency, inflation, and skilled worker shortage, leading to concerns of worsening housing affordability. Mental health has been another pivotal concern as Allianz reported a 47.5% rise in psychological claims from 2019-2022. Workplace stressors are primarily responsible for the uptick, underscoring the urgency for tailored mental health strategies. In the realm of life insurance, the Council of Australian Life Insurers reaffirmed its mission to maintain a balanced relationship within the life insurance industry and financial advisory realm, not overstepping its boundaries and providing consumers with basic product-specific advice under stringent regulations.