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.
Follow us!
We are a proud member of the Financial Services Online network!
Connect with us on your favourite social media platform for the latest financial news, views, tips, tricks, resources and information.
When it comes to owning commercial properties in Australia, understanding the ins and outs of insurance is crucial. Commercial property insurance serves as a safety net, protecting your valuable assets against unforeseen events. It's designed to cover the buildings themselves, as well as any equipment, inventory, and even loss of income due to disruptions. - read more
Commercial property insurance is a type of coverage that protects businesses and their assets from various risks. This insurance safeguards physical properties, including buildings, equipment, inventory, and other essential assets. By having commercial property insurance, businesses can mitigate losses that may occur due to unexpected events. - read more
Commercial property insurance is a type of coverage designed to protect property landlords and investors from various risks. It typically encompasses buildings, equipment, and other assets associated with commercial spaces. Understanding this insurance is crucial for anyone involved in property leasing or investment, as it can safeguard against significant financial loss. - read more
Commercial property insurance is designed to protect businesses and landlords against losses to their buildings and other related assets. This type of insurance covers various incidents, such as fire, theft, and damage from natural disasters. It's essential for safeguarding not just the physical property but also the livelihood associated with the business operations conducted within that space. - read more
When it comes to commercial property insurance, a deductible is the amount of money a policyholder agrees to pay out-of-pocket before the insurance coverage kicks in. This can be a fixed dollar amount or a percentage of the total insured value. Understanding how deductibles work is crucial for any landlord or business owner seeking to protect their assets effectively. - read more
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
The Australian Securities and Investments Commission (ASIC) has announced an extension of the exemption allowing general insurance providers to forego appointing product distributors as authorised representatives. This decision comes with the introduction of a new legislative instrument, 2025/520, which renews the previous framework, originally established under instrument 2015/682. The relief will now continue until August 27, 2030. - read more
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
Moral Hazard: The concept that individuals may take on more risk when they do not bear the full consequences of that risk, often relevant in insurance scenarios.
