Mon, 21st Apr 2025

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Mon, 21st Apr 2025" was published on April 20, 2025.

April 20, 2025 · Insurance News Wrap

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Summary

In this week's Insurance News Wrap by Financial Services Online, we discuss the impact of climate change on insurance in Australia. Research shows 4% of Australian properties are high risk because of climate change, causing a surge in insurance costs, predicted to reach $35 billion by 2050. The Insurance Council of Australia and Climate Valuation advocate for more resilience, like investment in flood defenses and national climate-proofing standards, to manage risk and potentially ease premiums. We also cover a case where a woman's claim was rejected after incorrect fuelling of her car, underlining the importance of understanding policy documents. This decision by Suncorp was upheld, but they were fined $3000 for delays. Visit financialservicesonline.com.au for more updates on Australia's insurance issues and more.

Episode Description

In this week's Insurance News Wrap by Financial Services Online, we discuss the impact of climate change on insurance in Australia. Research shows 4% of Australian properties are high risk because of climate change, causing a surge in insurance costs, predicted to reach $35 billion by 2050. The Insurance Council of Australia and Climate Valuation advocate for more resilience, like investment in flood defenses and national climate-proofing standards, to manage risk and potentially ease premiums. We also cover a case where a woman's claim was rejected after incorrect fuelling of her car, underlining the importance of understanding policy documents. This decision by Suncorp was upheld, but they were fined $3000 for delays. Visit financialservicesonline.com.au for more updates on Australia's insurance issues and more.

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