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Sun, 17th Mar 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Sun, 17th Mar 2024" was published on March 16, 2024 and runs 2 minutes.

March 16, 2024 ·2m · Insurance News Wrap

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Summary

In this week's Australian insurance news, Financial Services Online reviews an initiative to amend New South Wales's Emergency Services Levy to combat rising insurance costs with a new data-driven approach. On a national level, the House of Representatives is investigating post-flood insurance practices from the 2022 floods. Public participation is open until July end, enabling citizens to contribute towards effective insurance policies. A significant court ruling in favour of a car owner in an insurance claim dispute with Suncorp has set a precedent for future incident cases, emphasizing accurate policy definitions. Lastly, heightened cyber risks, alongside other market challenges, have become primary concerns for Australian insurers, as shown in a recent PwC survey. Insurers now face the task of innovating affordable coverages amidst this backdrop of evolving threats.

Episode Description

In this week's Australian insurance news, Financial Services Online reviews an initiative to amend New South Wales's Emergency Services Levy to combat rising insurance costs with a new data-driven approach. On a national level, the House of Representatives is investigating post-flood insurance practices from the 2022 floods. Public participation is open until July end, enabling citizens to contribute towards effective insurance policies. A significant court ruling in favour of a car owner in an insurance claim dispute with Suncorp has set a precedent for future incident cases, emphasizing accurate policy definitions. Lastly, heightened cyber risks, alongside other market challenges, have become primary concerns for Australian insurers, as shown in a recent PwC survey. Insurers now face the task of innovating affordable coverages amidst this backdrop of evolving threats.

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