Wed, 30th Apr 2025

This episode of the Weekly Insurance News Wrap discusses the increasing cost-of-living crisis in Australia, largely driven by skyrocketing insurance premiums due to weather-related claims, leading to insurance affordability stress. The Insurance Council reports just 23% of homes facing serious flood risk are insured, highlighting a need for strategic approaches from both policymakers and the insurance industry. Additionally, the podcast explores potential risks of AI in professional services, suggesting insurers develop AI-specific coverages. Lastly, it examines a recent ruling from the Australian Financial Complaints Authority supporting RAA Insurance's claim denial due to a misleading vehicle location, emphasizing the importance of clear and honest information when forming policy agreements.