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Fri, 31st May 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Fri, 31st May 2024" was published on May 30, 2024 and runs 2 minutes.

May 30, 2024 ·2m · Insurance News Wrap

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Summary

In this podcast episode, Paige Estritori covers key developments in the insurance industry. Major Australian insurers, SGIO, RACV, and SGIC face a class action lawsuit initiated by Slater and Gordon, alleging the companies misled loyal customers over insurance premium costs. This case highlights the significance of transparency and consumer protection. Additionally, attention turns to New Zealand as changes to emergency services' financing could drastically increase levies on commercial properties and potentially affect insurance in Australia too. The Insurance Brokers Association of New Zealand warns of possible underinsurance due to premium cost hikes. As of July 1, 2026, it may be challenging for insurers to maintain affordable premiums and levies might extend to assets less likely to need services like Fire and Emergency New Zealand. This episode underlines the need for customer vigilance.

Episode Description

In this podcast episode, Paige Estritori covers key developments in the insurance industry. Major Australian insurers, SGIO, RACV, and SGIC face a class action lawsuit initiated by Slater and Gordon, alleging the companies misled loyal customers over insurance premium costs. This case highlights the significance of transparency and consumer protection. Additionally, attention turns to New Zealand as changes to emergency services' financing could drastically increase levies on commercial properties and potentially affect insurance in Australia too. The Insurance Brokers Association of New Zealand warns of possible underinsurance due to premium cost hikes. As of July 1, 2026, it may be challenging for insurers to maintain affordable premiums and levies might extend to assets less likely to need services like Fire and Emergency New Zealand. This episode underlines the need for customer vigilance.

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