Wed, 26th Jun 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Wed, 26th Jun 2024" was published on June 25, 2024.

June 25, 2024 · Insurance News Wrap

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Summary

In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses significant developments in the Australian insurance industry. First, she covers a pivotal Federal Court ruling directing insurance companies Vero, QBE, and Star International to fulfill their obligations to Baralaba Coal Company for additional repair costs, even post-policy expiration. This enforces the responsibility of insurers to honour their commitments. Next, she highlights the New South Wales budget for 2024-25, revealing major focuses on resilience and insurance affordability. It includes a shift of the emergency services levy from an insurance premium to a property levy and earmarks $5.7 billion for disaster prevention. This budget has been praised by the Insurance Council of Australia and the Insurance Australia Group for its emphasis on safety and long-term protection.

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