Wed, 29th May 2024

In this episode of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori discusses vital insurance industry ramifications in Australia and New Zealand. Firstly, she addresses the Insurance Brokers Association of New Zealand's concerns over proposed changes to funding for emergency services, which could drastically increase non-insurance risks and charges for commercial assets. The shift from indemnity value to sum insured calculations might see levy increases of up to 400%. She warns of the potential for similar reforms in Australia. Secondly, she surveys the Insurance Council of Australia's efforts with the government to address mounting insurance costs, particularly in flood-prone regions. A special taskforce is formed to assist the roughly 171,000 households struggling with affordability issues while ensuring market stability. Paige emphasises the critical need for vigilance and adaptability in these uncertain times.