Wed, 8th Jan 2025

This episode of the Insurance News Wrap with Paige Estritori features key updates in the Australian insurance market. The Geneva Association's recent report suggests that catastrophe bonds could help handle the increasing cyber risk landscape, which has seen insurance premiums surge from $1.5 billion in 2013 to $15 billion in 2024. A case involving QBE and a dispute over a lost gold necklace underscores the complexity of settling insurance claims and highlights the need for understanding policy terms. Additionally, new advice reforms from the Australian government aim to improve consumer outcomes by allowing insurers to provide 'simple' advice. This initiative, led by Assistant Treasurer Stephen Jones, will foster more comprehensive consumer engagement and lower traditional advice barriers. Stay tuned for more personalized, digitized insurance solutions.