Tue, 19th Nov 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Tue, 19th Nov 2024" was published on November 18, 2024.

November 18, 2024 · Insurance News Wrap

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Summary

In this week's Insurance News wrap, the growing impact of climate change on the Australian insurance industry is emphasized, with over 90% of insurers acknowledging its influence on their underwriting practices. The industry grapples with the balance between managing climate-related risks and maintaining affordable pricing. The increased focus on technological innovation and data analytics in risk assessment is underlined, with a significant industry shift towards artificial intelligence expected in the near future. The importance of trust and honesty in insurance is highlighted through a recent landmark fraud case. Severe weather patterns due to climate change are increasing insurance premiums across Australia, raising concerns about affordability and the need for government intervention. For more industry news, visit financialservicesonline.com.au.

Episode Description

In this week's Insurance News wrap, the growing impact of climate change on the Australian insurance industry is emphasized, with over 90% of insurers acknowledging its influence on their underwriting practices. The industry grapples with the balance between managing climate-related risks and maintaining affordable pricing. The increased focus on technological innovation and data analytics in risk assessment is underlined, with a significant industry shift towards artificial intelligence expected in the near future. The importance of trust and honesty in insurance is highlighted through a recent landmark fraud case. Severe weather patterns due to climate change are increasing insurance premiums across Australia, raising concerns about affordability and the need for government intervention. For more industry news, visit financialservicesonline.com.au.

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