Wed, 19th Feb 2025

In this episode of the 'Weekly Insurance News Wrap', host Paige Estritori covers three major stories from Australia's insurance sector. Firstly, the Actuaries Institute reports a 9% increase in home insurance premiums, affecting 1.6 million households due to climate-change-related disasters. Opposition leader, Peter Dutton, calls for a governmental response. Secondly, the Australian Financial Complaints Authority (AFCA) ruled in favor of a motor insurance policyholder in a $33,800 claim, despite insurer IAG alleging potential fraud. This emphasizes the necessity of solid evidence in such allegations. Lastly, Australia's leading parties, the Coalition and Labor, disagree over capping risk commissions in insurance. Noteworthy figures such as Nathan Rees and Bert van Manen advocate for a flexible system, as a Slido poll reveals only 53% back an 80/20 model or a low cap. The episode ends with a discussion on modernizing financial advisory services.