Tue, 4th Feb 2025

In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses severe flooding in North Queensland declared a significant event by the Insurance Council of Australia. Hardest hit are the communities of Townsville and Ingham, facing infrastructure damage and numerous evacuations, with insurers like Suncorp, IAG, and RACQ offering support. Elsewhere in Victoria, the focus is on recovery from flash floods and power outages in Geelong. Additionally, the episode explores how financial strains are leading Australians to reconsider their life insurance policies. Nearly a quarter may cancel their life insurance if financially pressured, revealing a broader challenge of affordability in the context of rising premiums, health issues, and an ageing society. iExtend's CEO David Sarkis stresses the need for knowledge to make informed life insurance decisions, a critical aspect considering intergenerational wealth shifts and the complexities of financial advice access.n