Tue, 25th Jun 2024

In this episode of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori discusses recent significant changes in the Australian insurance sector. The New South Wales Government has announced a $5.7 billion allocation for disaster prevention in the 2024-25 budget – a strong push for sustainable safety. Additionally, the government intends to modify the Emergency Services Levy to a property levy to decrease insurance premiums. This move has been applauded by the Insurance Council of Australia and Insurance Australia Group. NSW is paving the way for more affordable insurance and higher disaster resilience despite a potential decrease in insurance duty revenues. The government plans significant investments in the Resilient Homes and Lands Programs to mitigate the effects of severe weather conditions, providing greater protection for homeowners and businesses. Tune in for more next week at www.financialservicesonline.com.au.n