Insurance News Wrap

In this week's "Weekly Insurance News Wrap," we discuss key stories impacting the insurance industry. We delve into a concerning trend of 14% of Australians travelling uninsured abroad, emphasizing on travel insurance's importance. We also reveal findings indicating Australian insurers not matching their global peers in cybersecurity and AI readiness - an area requiring urgent attention, especially in the real estate sector. The episode also explores climate change's impact on insurance premiums, with escalating hailstorms driving up home insurance costs, mainly in the Melbourne-Sydney-Brisbane corridor. Amidst these concerns, the Australian insurance sector reported a significant $6.1 billion profit for 2024. However, the hike in home and car insurance premiums poses challenges to consumers and property owners. Stay tuned for strategic insights and advice for tackling these issues.

In this week's insurance news wrap-up, Paige Estritori of Financial Services Online discusses major developments impacting the industry. CHU's 2025 State of the Strata Market report reveals a modest 2.8% increase in strata premiums despite climate challenges, while the Insurance Council of Australia underscores the need for better governance to address rising costs in Victoria. The industry's focus has turned toward emerging risks such as building defects and lithium-ion battery fires. Also, the adoption of artificial intelligence is a pressing concern for businesses, with Allianz highlighting the need for training and proper governance. Lastly, the Australian Securities and Investments Commission is ramping up its enforcement agenda for the insurance sector, especially in relation to claims failures and misleading pricing tactics.n

In the latest edition of the "Weekly Insurance News Wrap", host Paige Estritori discusses significant developments in the insurance sector, both local and global. AUSactive, Australias fitness governing body, in partnership with global broker Marsh, has introduced a custom-made insurance solution for fitness professionals, featuring low premiums and a massive $20 million indemnity limit. In other news, next year's legislation will include natural therapies such as Yoga, Pilates, and Tai Chi in Australian health insurance coverage, potentially introducing more holistic wellness solutions. Finally, on the global front, a significant spike of 14% in health insurance premiums is expected in the Asia-Pacific region by 2026, marking the third year of substantial worldwide increases, driven by escalating medical service costs and an aging population.n

In this episode, Paige Estritori from Financial Services Online provides an update on important insurance news. She highlights the increased road risks during the Australian summer holidays due to heightened freight traffic and holiday travel. She underscores the importance of vigilance, regular rest breaks, vehicle maintenance, and adherence to safety regulations. On a business note, she notes the impressive growth of Insuregroup, an insurance brokerage focusing on the transport and logistics sector that has seen a 25% increase in policies over the past year. She also reviews the latest National Truck Accident Research Centre report which shows a decrease in speed-related truck crashes, though human factors remain significant contributors to accidents. She suggests integrating telematics for real-time driver monitoring as a potential risk mitigator. Stay informed, safe, and insured with Financial Services Online.n

In this Weekly Insurance News Wrap, Paige Estritori discusses road safety during the Australian summer, highlighting concerns around heavy vehicle accidents, driver fatigue, and parcel delivery rush. Recent NTARC data showing most fatal car-truck crashes are not due to truck driver faults accentuates the need for all drivers to be alert. In the transport link, Estritori applauds Insuregroups 25% surge in truck insurance policies, reflecting rising awareness of coverage among stakeholders. She also discusses the latest NTARC report, which identifies human factors like inattention, distraction, and speed as leading causes of crashes. Despite a decrease in speed-related crashes, more improvements are needed—proposed solutions include real-time monitoring and promoting safety culture. Finally, TAL's Health Sense Plus initiative is noted for extending its 5% premium discount to income protection policies, thus incentivising health check-ups for Australians.n

This week's podcast from Financial Services Online discussed significant updates from the Australian insurance industry. The Australian General Insurance sector has announced record after-tax profits, attributed mainly to decreased catastrophe losses and robust investment returns, yet issues of affordability and fairness persist. New professional insurance regulations have arisen for nurses conducting non-surgical cosmetic procedures, emphasizing the importance of coverage understanding and proactive adaptation. Private health insurers have been warned against manipulating premium increases; policyholders are urged to remain vigilant. Data predicts substantial growth in Australia's general insurance market, with direct premiums potentially reaching $146.9 billion by 2029, suggesting opportunities and challenges within the industry. The podcast encourages active information seeking, particularly about insurance policies.

In this week's Insurance News Wrap, Financial Services Online shares notable updates from Australia's insurance industry. Envest Group launches TLI Underwriting, a specialized agency aiming to restructure insurance services for larger truck fleets and support the resilience of Australia's transport sector. The Insurance Council of Australia combats a 42% increase in motor insurance premiums with a strategic plan including initiatives for fraud monitoring and regulation reforms. A PricewaterhouseCoopers survey indicates that Australian insurers are falling behind globally in risk preparedness, particularly in cybersecurity, impacting coverage reliability for small businesses and tradespeople. The Australian Medical Association expresses concerns over the declining value of Private Health Insurance, and advocates for reforms to ensure valuable coverage for the nation's 15 million policyholders.

In this episode of the weekly Insurance News Wrap, Paige Estritori covers a range of developments within Australia's transport and logistics insurance sector. Insuregroup marks a remarkable growth with over ten-thousand insurance policies processed due to surging freight volumes and regulations. In response to the critical need for comprehensive truck insurance, Envest Group has launched TLI Underwriting, a service dedicated to providing custom insurance products for heavy motor fleet operators. The rise of telematics technology, which allows real-time tracking of vehicle data, is also discussed as a significant factor shaping the future of the insurance industry. However, the episode concludes with a caveat on rapidly increasing insurance premiums, linked to rising labor and material costs, and the recent natural disasters in Australia. The listeners are advised to stay informed to effectively navigate these changes.n

This Weekly Insurance News Wrap, hosted by Paige Estritori, highlights the record-breaking profitability of the Australian insurance industry in 2024, with after-tax profit reaching $6.1 billion. However, experts predict potential economic and natural challenges could impact this upward trend. US-based firm, Markel, is launching professional indemnity insurance in Australia, aiming to support the rising premiums in six key sectors. According to APRA data, costs in public liability and professional indemnity insurance are escalating, a concern especially for large businesses. Insurance broker Gallagher issued a warning to New South Wales builders regarding new obligations under the Design and Building Practitioners Act 2020 and a High Court ruling. The importance of staying updated, managing risks, and adjusting strategies in response to regulatory changes is underscored.n

In this episode of the weekly Insurance News Wrap, Paige Estritori discusses recent developments in Australia's insurance industry. She covers the strong financial performance of general insurers, highlighting a rise in after-tax profits due to higher premium revenues and decreased claim levels. She also warns of escalating insurance risks for businesses due to increased litigation, technology developments, supply chain disruptions, and climate incidents. The discussion then moves to the positive changes in Australia's Directors and Officers' insurance market, with increased competition leading to improved terms and conditions. Lastly, she touches on Suncorp Group's move to focus solely on insurance operations, which could lead to more tailored and competitive products for freelancers and self-employed professionals.

In this episode of the Weekly Insurance News Wrap, we discuss industry events affecting Australian consumers. There was a significant increase in Australian general insurers' after-tax profits during Q3 of 2025, due to a rise in premium revenues and a decline in claim numbers. Suncorp Group recently sold its banking operations to ANZ, enabling a concentrated focus on becoming a leading Trans-Tasman insurer by 2027. Insurance Australia Group launched its second NextGen Ambition Program, highlighting the dedication to workforce development and consumer needs. On a less positive note, Allianz Australia and AWP Australia received a $16.8m fine for misleading consumers, emphasizing the importance of fully understanding insurance policies and considering professional advice. We recommend visiting financialservicesonline.com.au to further understand these trends.

In this week's podcast by Paige Estritori for Financial Services Online, key highlights from the insurance and financial sectors in Australia were discussed. The Australian general insurers reported substantial after-tax profits of nearly 2.3 billion Aussie dollars in Q3 of 2025, fueled by higher premium revenues and fewer claims. As for home services business owners, this could denote upcoming premium adjustments. In transport regulations, Queensland transferred its heavy vehicle compliance duties to the National Heavy Vehicle Regulator, implying reduced administrative burdens and more regulatory consistency for interstate transport operators. The summer holiday season has brought increased road safety risks, highlighting the importance of proactive safety protocols. Fleet operators face increasing motor collision claims, prompting many to adopt Usage-Based Insurance and telematics technology for fine-tuned risk assessments and potential premium reduction.

This week's podcast focuses on recent developments in the Australian insurance and transport sectors. The State of Queensland transfers its heavy vehicle compliance duties to the National Heavy Vehicle Regulator to reduce administrative burden and streamline regulations, aligning with other Australian states. As freight activity peaks over the summer holidays, the importance of implementing safety protocols for safer travel is emphasized. The transport sector is adopting proactive risk management strategies and advanced insurance products in response to increased motor collision risks. Usage-based insurance and telematics technology are being used for accurate tracking of driving behaviours and refining risk assessments. Lastly, superannuation funds face scrutiny for delays in processing mental health insurance claims, with substantial steps being made to improve procedures, transparency, and staff training.

In this week's Financial Services Online podcast, Paige Estritori discusses the challenges Australian insurers face with emerging risks like cybersecurity and artificial intelligence, as outlined in PwC's Insurance Banana Skins Survey. The focus shifts on the third annual conference by Insurance News, scheduled for March 19th, promising insights on market trends and broking's future. Estritori also highlights concerns over escalating home insurance premiums due to increased weather events attributed to climate change. Citing Insurance Australia Group's CFO, Bill McDonnell, she warns of a 67% surge in claims indicating the urgency for policy reassessment. Meanwhile, Australian agriculture receives a boost as Rural Affinity and Munich Re Specialty renew their partnership for five years, targeting gaps in farm coverage and unique risks due to climate change. The podcast is a comprehensive overview of the week's key insurance industry developments.

In this podcast, Paige Estritori of Financial Services Online reviews key aspects of the insurance sector. Topics include the 21st Australian Insurance Industry Awards nominees by ANZIIF, set for August in Sydney, with mention of notable contenders in the Small to Medium Broking Company category. The growth of Australia's strata property sector, now exceeding $1.4 trillion insured value, and its associated challenges due to aging infrastructure, are discussed. Netstrata comes under scrutiny for inflating insurance brokerage fees, sparking outrage and investigations. Similarly, Steadfast Group faces allegations of misleading clients by preferring more expensive policies, impacting its share price and trading status. The episode underscores the importance of integrity, transparency, and informed decision-making in the Australian insurance industry.

In this episode of the Financial Services Online podcast, host, Paige Estritori, discusses major financial stories from Australia. Highlights include a warning from PwC that Australian insurers are falling behind globally in their readiness for cyber threats. Antonie Jagga of PwC advises insurers to use more data-driven, AI-infused pricing aligning premiums with actual risks. The Australian Securities and Investments Commission (ASIC) focuses on enforcing transparency in insurance pricing and claims handling. Significant insolvency cases, such as Shield and First Guardian Master Funds, are also discussed. Furthermore, we delve into the Australian Prudential Regulation Authority's (APRA) proposed changes to the reinsurance framework and Queensland's success in aligning heavy vehicle compliance with the National Heavy Vehicle Regulator. The podcast wraps up encouraging Western Australia and the Northern Territory to follow this regulatory harmony.

This week's episode of 'Weekly Insurance News Wrap' with Paige Estritori discusses significant evolutions in Australia's insurance sector. The Insurance Council of Australia (ICA) is seeking an overhaul of civil liability laws to combat rising public liability insurance premiums, potentially aiding sustainability within the market and lowering financial strain for small businesses. The Australian Financial Complaints Authority (AFCA) has made consequential rulings, reminding restaurateurs of the importance of transparency and comprehensive record-keeping in managing insurance policies. The episode also highlights a high increase in insurance premiums in New South Wales; Business NSW revealed staggering numbers of businesses lacking full catastrophe coverage and being hit by premium hikes. They're advocating for taxation reviews and the removal of the emergency services levy to mitigate such challenges.n

This week's podcast from Financial Services Online presents updates from the Australian insurance sector. CHU, a leading strata insurance underwriting agency, has enhanced its residential strata insurance policy, introducing options such as Lot Owner Contents Insurance and including Office Bearers Liability standardly. Sure Insurance increased its residential strata insurance coverage amid an ongoing affordability crisis, raising the replacement value limit from $5 million to $20 million. The Insurance Council of Australia calls for reforms in Victoria's strata laws to manage rising insurance costs. It has proposed measures to improve transparency, accountability, and risk management. On a global forefront, Australian insurers lag behind in risk preparedness against challenges such as cyber threats and advancements in AI, according to a recent survey, necessitating investments in workforce training and technology upgrades.n

In this episode, Paige Estritori delivers key updates on Australia's insurance market. In 2024, the Australian insurance industry achieved a massive $6.1 billion post-tax profit, driven by significant premium hikes and a decline in catastrophic weather events. Concerns have been raised around the affordability of premiums. Changes in healthcare have seen AUSactive partnering with Private Healthcare Australia to integrate fitness services into health insurance. Legislative updates have reintroduced seven natural therapies into private health insurance plans due to their clinical effectiveness. Additionally, partnerships between FITREC, Marsh, and Gallagher offer comprehensive solutions for fitness industry professionals, covering professional indemnity and public liability, thereby providing peace of mind for service providers. As always, listeners are encouraged to familiarize themselves with the rapidly evolving insurance landscape to make informed decisions.

This podcast by Paige Estritori discusses various developments in Australia's insurance industry. It starts with the introduction of TLI Underwriting, a collaboration between Envest Group and ATL Insurance Group designed for major truck fleets. The new venture seeks to expand the company's footprint, providing tailored insurance solutions for large fleets. It moves on to discuss a recent ruling by the Australian Financial Complaints Authority (AFCA) that redefines policy language and client-insurer communication following a successful truck owner claim that was initially denied. The podcast further highlights the heightened road risks and insurance claims linked to the summer holidays and the increase in travel and parcel deliveries. It emphasizes the need for comprehensive risk management for fleet operators and for all road users to understand the unique challenges faced by heavy vehicles. The podcast concludes with a call to remain safe and follow speed limits during the holiday season.n