Tue, 29th Jul 2025

In this week's episode, Paige Estritori discusses key events in Australia's insurance sector, including AFCA's dismissal of a travel claim due to policy misinterpretation, prompting reminders of the importance of understanding policy terms. Brokers are addressing insurance affordability in cyclone-impacted areas, with fee-based models being favored. Despite the cyclone reinsurance pool set up in July 2022, it hasn't met consumer expectations. Meanwhile, a home storm damage claim was declined due to improper maintenance, underlining the significance of regular home maintenance. Lastly, NSW's workers' compensation scheme, managed by icare, is undergoing major changes following issues with underinsurance and high levels of employer non-compliance, leading to over $60 million in unpaid premiums. New checks and severe penalties for non-compliance are being established. Overall, the episode stresses the role of brokers in offering affordable insurance, and the importance of maintaining properties.