Welcome to the Insurance Online News podcast with your host, Paige Estritori, where we deliver the latest and most significant news from the world of insurance in Australia. Our dedicated team works tirelessly to bring you the freshest updates, focusing on the stories that matter the most to both Australian businesses and individual consumers over the past week.
Through meticulous research, we transform these developments into original content that not only keeps you informed but also offers deep insights into the insurance landscape as it stands today. Our podcast distills these crucial updates into a format that's both succinct and captivating. For professionals within the insurance realm or personal consumers keen on keeping up with insurance trends, look no further. Paige Estritori brings you all the essential information daily, making our podcast the ultimate destination for trustworthy and impactful insurance news.
This Week:
The podcast, hosted by Paige Estritori from Insurance Online, covers key trends in the insurance sector, focusing on homeowners, flood, motor, cyber and state-run insurance. Transformations are seen globally in homeowners insurance, driven by inflation, reinsurance costs and catastrophe risks. Technology is highly tapped for risk assessment and fraud detection. Locally, flood-related insurance costs in Australia are rising, prompting policymakers to consider resilience investments. ASIC initiated a probe into motor insurance premium pricing following a surge in complaints. Alarmingly, cybersecurity breaches are boosting the importance of cyber insurance, though it must be complemented by strong IT security and compliance. Finally, the creation of a state-run insurer, TasInsure, is proposed in Tasmania, offering a potential model to counter high insurance premiums. The discussion highlights the vital role insurance plays in financial protection.
Warm greetings Australia, it's Friday the 12th of September 2025 and I'm Paige Estritori from Insurance Online. It's time to take a peek at the week in insurance.
First on the ticket: substantial transformations are occurring in homeowners insurance, globally. A recent report from Moody's Ratings reveals shifts as insurers seek to counter increasing loss costs resulting from inflation, reinsurance expenses, and upsurging catastrophe risks. Regional regulatory and market structures are the primary triggers urging insurers to hike rates, tighten policy terms and become exceedingly selective with risks. Available technologies such as data analytics, geospatial analytics, predictive modelling and even artificial intelligence are being leveraged for more accurate risk assessment and fraud detection. A side-effect of these measures is that they may affect accessibility and pricing of insurance cover.
Turning our gaze towards our homeland, escalating flood-related insurance costs are compelling policymakers to consider reinforcing resilience investments. We take note too from the United Kingdoms Flood Re pool, which faces the challenge of increasing property cessions amid decreasing profitability.
Transitioning our focus to the motor insurance sector, the Australian Securities and Investments Commission, known as ASIC, kicked off an investigation into premium pricing practices this week. In light of a surge in complaints about premiums, ASIC aims to ensure that insurers comply with legal disclosure obligations. Consumer dissatisfaction with how premium increases are communicated exacerbates the issue, as it may discourage policyholders from exploring their options. This aligns with the industry code mandating clear explanations of calculations in renewal notices. The Insurance Council of Australia has reiterated their commitment to maintain transparency standards and work alongside ASIC on the review.
As we now pivot into the realm of cyber insurance, a clear message resonates: it's become a must-have, albeit not a frontline defence. After a cybersecurity breach at Fortnum Private Wealth, the importance of cyber insurance has soared as it covers the high costs of legal fees, forensic IT, and accounting arising post-attack. It is reinforced though, that cyber insurance must be supplemented by robust IT hygiene, diligent employee training, and unwavering compliance. Always remember, cyber threats are inevitable, but damage can be minimised with the right awareness and preparedness.
Last on today's rundown, let's head to Tasmania. Premier Jeremy Rockliff is advocating for the creation of a state-run insurer, aptly named TasInsure. He predicts other states may adopt similar models to address the growing problem of high insurance premiums that are perceived to not correspond to actual risk levels. Treasurer Eric Abetz appears open to such government intervention where necessary. Amid these discussions, we remind ourselves of the integral role insurance plays in our everyday lives, protecting us against unpredictable financial losses.
That's all for this week's Insurance Online news roundup. For more information on personal and business insurance, don't hesitate to visit our website, insuranceOnline.com.au. Until next time Australia, stay insured and stay safe. I'm Paige Estritori, signing off.
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The Australian government has unveiled its inaugural National Climate Risk Assessment alongside a comprehensive National Adaptation Plan, highlighting the heightened impact of natural disasters on insurance accessibility across the nation. With an urgent call to action, the government acknowledges the impending climate threats and commits to intensifying efforts towards emission reduction. - read more
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The recent cyberattack on Fortnum Private Wealth, accompanied by ASIC's legal action, has spotlighted the critical risks cyber threats pose to financial advice companies in Australia. With digital integration intensifying across the finance sector, the owner of Fortnum, Entireti, plans to defend the case, underscoring the necessity for ongoing vigilance in cybersecurity measures. - read more
In a comprehensive analysis, Swiss Re Institute predicts that global property and casualty insurance premiums will rise in tandem with GDP over the upcoming decade. This growth is driven by amplified natural catastrophe losses, asset accumulation, and heightened economic and litigation claims inflation. The institute's report outlines the evolving insurance landscape amid increasing global risks. - read more
In response to the devastating floods that swept across New South Wales' Mid North Coast in May, the Insurance Council of Australia (ICA) is taking proactive steps to support the affected residents. Insurers, organised by the ICA, will be meeting with flood victims in Kempsey, Taree, and Port Macquarie to provide guidance and support as they navigate their insurance claims. - read more
