Wed, 5th Mar 2025

This week's episode of the Weekly Insurance News Wrap, presented by Financial Services Online discusses several major insurance issues in Australia, including a proposed $30.15 billion Flood Defence Fund by the Insurance Council of Australia. The initiative coordinates with state administrations to counter the mounting financial burden from flooding, with last year's claims hitting $32 billion. Additionally, concerns are high as Australians rethink their health insurance, with data suggesting a potential drop in coverage due to escalating living costs and premium increases. Upcoming events include the Outlook 2025 Conference, looking at technology, emerging risks and brokerage changes in the industry. Also mentioned is a reform by the Australian Greens aimed at saving $4 billion on insurance premiums, but requiring additional contribution from fossil fuel industries. The coverage concludes encouraging people to stay updated and safe.n