Insurance News from Income Protection AustraliaIncome Protection Australia is pleased to present the latest financial news headlines. To read an entire news item, simply click on the headline.
| AFCA Upholds Policyholder's Income Protection Benefits Against Zurich
12 Feb 2026: Paige Estritori The Australian Financial Complaints Authority (AFCA) has recently ruled against Zurich Insurance, instructing the insurer to maintain the current income protection benefits for a policyholder after an 11-year delay in proposing a reduction. This decision underscores the critical importance of timely and transparent communication between insurers and their clients. - read more |
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| Neos Recognized as Leading Income Protection Insurer in 2025
12 Feb 2026: Paige Estritori In the 2025 Life Insurance Awards presented by Money Magazine, Neos has been honored as the top provider in the Income Protection Insurance category. This accolade reflects Neos's commitment to delivering comprehensive and reliable income protection solutions to Australians. - read more |
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| Northern Australian Marinas Struggle with Rising Insurance Costs
12 Feb 2026: Paige Estritori Marina operators in Northern Australia are confronting a significant crisis as insurance premiums escalate dramatically, with some experiencing increases exceeding 300% over recent years. This surge in costs is placing immense financial strain on the industry, prompting urgent calls for government intervention. - read more |
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| GT Insurance Provides Flexible Solutions Amid Global Trade Shifts
12 Feb 2026: Paige Estritori As global trade dynamics undergo significant shifts, GT Insurance is reaffirming its commitment to supporting marine clients navigating these challenges. The recent imposition of US tariffs—25% on Australian steel and aluminium, and 10% on other exported goods—has introduced new uncertainties for local exporters, particularly in sectors like beef and bulk freight. These tariffs, effective from April 5, 2025, have prompted concerns about declining export volumes and reduced freight margins. - read more |
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| Business NSW Advocates for Urgent Insurance Reforms to Alleviate Rising Premiums
12 Feb 2026: Paige Estritori Business NSW, the leading business advocacy group in New South Wales, has raised alarms over the escalating insurance premiums that are placing significant financial strain on businesses across the state. Recent findings from their Business Conditions Survey reveal that nearly 80% of businesses have encountered double-digit increases in insurance costs over the past year, with one in three reporting hikes of 30% or more. These surges starkly contrast with the annual inflation rate of 2. - read more |
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| Australian and New Zealand Insurers Leverage AI to Transform Services
12 Feb 2026: Paige Estritori Insurance companies across Australia and New Zealand are increasingly investing in artificial intelligence (AI) technologies as part of their digital transformation strategies. This shift aims to enhance operational efficiency, improve customer service, and strengthen risk management practices. - read more |
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| AFCA Identifies Widespread Issues in Australian Insurance Industry
12 Feb 2026: Paige Estritori The Australian Financial Complaints Authority (AFCA) has released its latest Systemic Issues Insights Report, covering the second half of the 2024-25 financial year. The report details the identification and resolution of systemic issues across Australia’s financial services sector, with a significant focus on insurance and related products. - read more |
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| TAL's Health Sense Plus Now Covers Income Protection Policies
11 Feb 2026: Paige Estritori In a strategic move to make life insurance more relevant to younger Australians, TAL has expanded its Health Sense Plus program to encompass income protection policies. This initiative allows advisers to offer clients enhanced value through a straightforward preventative health engagement. - read more |
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| AFCA's Ruling: Home-Based Waxing Salon Deemed a Business
11 Feb 2026: Paige Estritori The Australian Financial Complaints Authority (AFCA) recently ruled that a home-based waxing salon constitutes a business, not merely a hobby. This decision has significant implications for beauticians managing home-based operations, particularly concerning insurance disclosures and compliance. - read more |
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| Insurers Push for Overhaul of Civil Liability Laws Amid Rising Premiums
11 Feb 2026: Paige Estritori The Insurance Council of Australia (ICA) has recently called for comprehensive reforms to state and territory civil liability laws, citing significant increases in public liability insurance premiums. This development is particularly relevant for beauticians and small business owners in the beauty industry, who are experiencing escalating insurance costs. - read more |
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| Cosmetic Injectables Industry Booms Amid Safety Concerns
11 Feb 2026: Paige Estritori The cosmetic injectables industry in Australia has experienced significant growth, with the market valued at $4.1 billion in 2023 and projected to grow by 19.3% annually until 2030. This surge reflects increasing consumer demand for non-surgical cosmetic procedures, including anti-wrinkle injections and dermal fillers. - read more |
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| Escalating Insurance Costs Pose Challenges for Small Builders
11 Feb 2026: Paige Estritori Recent findings from the Housing Industry Association (HIA) reveal that a significant majority of small and medium-sized builders in Australia are grappling with the escalating costs of insurance premiums. In a comprehensive survey, 72% of respondents identified rising insurance expenses as the primary pressure point affecting their businesses. This concern surpasses other operational challenges such as planning approvals, skilled labour shortages, and compliance with building codes. - read more |
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| Strengthening Agricultural Insurance: Rural Affinity and Munich Re's Renewed Partnership
10 Feb 2026: Paige Estritori Rural Affinity has renewed its partnership with Munich Re Specialty - Global Markets under a new five-year agreement, continuing a collaboration that began in 2006. This renewed alliance aims to support Rural Affinity's efforts to expand its agricultural insurance offerings across Australia and introduce new products leveraging technology and innovation. - read more |
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| AFCA Mandates Insurer Payout for Engine Overheating Incident
10 Feb 2026: Paige Estritori The Australian Financial Complaints Authority (AFCA) has recently ruled in favour of a truck owner whose insurance claim was initially denied following an engine overheating incident. This decision underscores the complexities surrounding insurance claims related to driver negligence and mechanical failures. - read more |
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| AFCA Supports Insurer in Truck Theft Claim Denial
10 Feb 2026: Paige Estritori The Australian Financial Complaints Authority (AFCA) has recently upheld an insurer's decision to deny a truck theft claim, citing misrepresentation of the insured's insurance history. This ruling highlights the critical importance of accurate disclosure when obtaining insurance coverage. - read more |
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| AFCA Sides with Freight Company in Dangerous Goods Disclosure Case
10 Feb 2026: Paige Estritori The Australian Financial Complaints Authority (AFCA) has recently ruled in favour of a freight company in a dispute over the disclosure of transporting dangerous goods. This decision provides valuable insights into the obligations of transport companies regarding insurance disclosures. - read more |
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| Australian Insurers Falling Behind in Risk Preparedness
10 Feb 2026: Paige Estritori Recent findings from PwC's Insurance Banana Skins Survey highlight a concerning trend: Australian insurers are trailing their global counterparts in risk preparedness. The survey, which gathered insights from 698 insurance executives across 42 territories, indicates that Australian insurers scored 6.6% lower on the Preparedness Index compared to the global average. - read more |
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| Australian Commercial Insurance Rates Experience Significant Decline
10 Feb 2026: Paige Estritori According to the latest Global Insurance Market Index by Marsh, commercial insurance rates in the Australia-Pacific region fell by 8% in the fourth quarter of 2024. This marks the most significant decline globally, surpassing reductions in other regions such as the UK (5%) and Asia (3%). - read more |
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| ICA Proposes Measures to Mitigate Escalating Motor Insurance Premiums
09 Feb 2026: Paige Estritori The Insurance Council of Australia (ICA) has released a policy paper titled 'Motor Insurance Policy Paper – A Roadmap for Reducing Rising Premiums,' highlighting the urgent need for coordinated action to address systemic cost drivers behind the 42% increase in comprehensive motor insurance premiums since 2019. - read more |
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| Budget Direct Triumphs as Australia's Top Insurer in 2026
09 Feb 2026: Paige Estritori In a remarkable achievement, Budget Direct has been honoured as the inaugural 'Insurer of the Year' at the 2026 Finder Provider of the Year Awards. This prestigious recognition underscores the company's unwavering commitment to delivering exceptional value and service to Australian policyholders. - read more |
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| Australian Insurers Face Challenges in Cyber Risk Readiness
09 Feb 2026: Paige Estritori Recent findings from the PwC Insurance Banana Skins Survey have raised concerns about the preparedness of Australian insurers in managing emerging risks, particularly in the realms of cyber security and artificial intelligence (AI). The survey indicates that Australian insurers scored 6.6% lower on the Preparedness Index compared to their global counterparts, highlighting a significant gap in readiness. - read more |
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| Significant Decline in Australian Commercial Insurance Rates
09 Feb 2026: Paige Estritori In a notable development for the Australian insurance market, commercial insurance rates experienced a substantial decline of 12% in the fourth quarter of 2025. This decrease, as reported by Marsh's Global Insurance Market Index, represents the most significant drop among the eight regions monitored and marks the steepest reduction since the Pacific rates began to decrease in early 2024. - read more |
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| Treasury Initiates Review of Professional Indemnity Insurance to Support CSLR
09 Feb 2026: Paige Estritori The Australian Treasury has commenced a consultation process aimed at improving the effectiveness of professional indemnity (PI) insurance, with the goal of strengthening the Compensation Scheme of Last Resort (CSLR). This initiative seeks to gather stakeholder feedback on the current operation of PI insurance and explore opportunities for enhancement. - read more |
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| Landmark NSW Ruling: New Risks for Construction Liability Insurance
09 Feb 2026: Paige Estritori Recent developments in New South Wales have significantly altered the liability landscape for construction professionals. A landmark court ruling in the Pafburn case has removed the proportionate liability defence previously relied upon by developers and head contractors, thereby increasing their exposure to claims related to building defects. - read more |
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| Upcover Introduces Management Liability Insurance for Australian SMEs
09 Feb 2026: Paige Estritori Sydney-based insurtech company Upcover has unveiled a new management liability insurance product designed specifically for small and medium-sized enterprises (SMEs) and sole traders in Australia. This offering aims to provide comprehensive protection against a range of risks that business owners may face. - read more |
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| Sure Insurance Boosts Strata Coverage Limits to $20 Million
09 Feb 2026: Paige Estritori Sure Insurance, a specialist insurer in Northern and Regional Queensland, has announced an increase in its residential strata insurance coverage limits from $5 million to $20 million. This strategic move is designed to address the affordability crisis and improve access to adequate insurance for apartment complexes in these regions. - read more |
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| ICA Advocates for Reforms in Victoria's Strata Legislation
09 Feb 2026: Paige Estritori The Insurance Council of Australia (ICA) has called for significant reforms to Victoria's strata laws, highlighting that poor governance and deferred maintenance are leading to increased insurance premiums for the one in five Victorians residing in strata-titled properties. - read more |
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| InsurtechLIVE26 Conference Set to Propel Insurance Innovation in 2026
08 Feb 2026: Paige Estritori Insurtech Australia has officially announced the upcoming InsurtechLIVE26 conference, scheduled for 18 February 2026 at Doltone House Jones Bay Wharf in Sydney. This event is poised to be a pivotal gathering for professionals in the insurance and technology sectors, aiming to explore and advance innovation within the industry. - read more |
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| Climate Change's Impact on Home Insurance Premiums: Insights from IAG
08 Feb 2026: Paige Estritori Insurance Australia Group (IAG), a leading insurer in the Australian market, has highlighted the escalating impact of climate change on home insurance premiums. The company reports that the increasing frequency and severity of weather events are significant factors driving up the cost of home insurance for Australians. - read more |
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| ICA Advocates for Overhaul of Civil Liability Laws Amid Rising Insurance Premiums
08 Feb 2026: Paige Estritori The Insurance Council of Australia (ICA) has recently released a white paper highlighting the urgent need for reforms to state and territory civil liability laws, which have remained largely unchanged for nearly 25 years. These outdated laws are contributing to significant increases in public liability insurance premiums, affecting a wide range of businesses across the nation. - read more |
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| APRA Data Shows Significant Rise in Public Liability Insurance Premiums
08 Feb 2026: Paige Estritori The Australian Prudential Regulation Authority (APRA) has released its latest National Claims and Policies Database (NCPD) statistics, revealing a substantial increase in public liability insurance premiums over recent years. According to the data, premiums have risen by 40% since 2015, a rate that surpasses general inflation and places additional financial strain on businesses across the country. - read more |
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| Upcover Unveils Comprehensive Management Liability Insurance for Australian SMEs
08 Feb 2026: Paige Estritori Sydney-based insurtech company Upcover has launched a new management liability insurance product designed specifically for small and medium-sized enterprises (SMEs) and sole traders across Australia. This offering aims to provide comprehensive protection against a range of risks, including employment disputes, official investigations, tax audits, financial crimes, statutory liabilities, and allegations of legal breaches. - read more |
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| Undisclosed Tenant Activities Result in Denied Insurance Claim for Landlord
08 Feb 2026: Paige Estritori In a recent case, a landlord's failure to disclose a significant change in tenant activities led to the denial of a substantial insurance claim. The property, initially leased to a restaurant, began hosting weekly religious meetings on its upper floor without informing the insurer, AIG. This oversight became a pivotal factor when the landlord filed a theft claim amounting to $99,295, which AIG declined due to non-disclosure. - read more |
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| Soaring Insurance Premiums Challenge NSW Businesses
08 Feb 2026: Paige Estritori Businesses across New South Wales are grappling with escalating insurance premiums, with many reporting significant increases over the past year. A survey conducted by Business NSW revealed that 64% of its members are not fully insured against catastrophes, and nearly 80% have experienced double-digit rate hikes. Alarmingly, one in three businesses reported premium increases exceeding 30%. - read more |
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| Supermarket's Compensation Claim Against Insurance Broker Unsuccessful
08 Feb 2026: Paige Estritori A recent ruling by the Australian Financial Complaints Authority (AFCA) has denied a supermarket's claim for $230,000 in compensation from insurance broker Gallagher. The supermarket alleged that Gallagher's mishandling of its liability insurance led to a significant increase in premiums and a nearly five-month gap in coverage during 2023. - read more |
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| NSW Strata Managers to Eliminate Insurance Commissions by 2026
08 Feb 2026: Paige Estritori In a significant move towards greater transparency, the Strata Community Association New South Wales (SCA NSW) has announced that, starting January 1, 2026, its members will phase out the acceptance of insurance commissions in their management contracts. This shift aims to replace traditional commission-based remuneration with a clear fee-for-service model, aligning with evolving industry standards and consumer expectations. - read more |
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| Insurance Capacity Constraints Impact High-End Strata Properties in Australia
08 Feb 2026: Paige Estritori High-end strata properties in Australia are currently facing significant challenges in securing adequate insurance coverage, as the market grapples with capacity constraints. This issue is particularly pronounced for buildings with property values exceeding $300 million, where limited insurer participation is leading to coverage shortfalls and increased premiums. - read more |
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| NSW Strata Commission Ban: A Catalyst for Industry Reform
07 Feb 2026: Paige Estritori The New South Wales (NSW) government's proposal to ban commissions on strata insurance has ignited a contentious debate between consumer advocacy groups and industry leaders. This reform aims to eliminate potential conflicts of interest and enhance transparency within the strata management sector. - read more |
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| Queensland Strata Owners Advised to Leverage New Premium Reduction Programs
07 Feb 2026: Paige Estritori Strata property owners in North and Central Queensland are being encouraged to take advantage of newly introduced federal and state initiatives designed to reduce insurance premiums and enhance cyclone resilience. These programs offer financial incentives for property upgrades that can lead to significant savings on insurance costs. - read more |
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| Australian Insurers Struggle to Keep Pace with Emerging Risks
07 Feb 2026: Paige Estritori Recent findings from the PwC Insurance Banana Skins Survey reveal that Australian insurers are trailing their global counterparts in risk preparedness. The survey, which gathered insights from 698 insurance executives across 42 territories, indicates that Australian insurers scored 6.6% lower on the Preparedness Index compared to the global average. This gap is particularly concerning as the industry faces escalating challenges from cyber threats and the rapid advancement of artificial intelligence (AI). - read more |
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| Significant Increases in Australian Home Insurance Premiums
07 Feb 2026: Paige Estritori Australian homeowners are experiencing substantial increases in home insurance premiums, with the average premium rising by 16% over the past year. Consumer advocacy group Choice reports that some insurers, including Kogan, RAC, and Honey, have raised their rates by more than 30%. These hikes are attributed to various factors, including high supply chain inflation, increased claims costs, and higher reinsurance expenses due to severe weather events. - read more |
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| The Vital Role of Reinsurance in Australia's Insurance Industry
07 Feb 2026: Paige Estritori Reinsurance serves as a critical component in the Australian insurance landscape, offering capital relief and stabilising returns for insurers amidst escalating natural disaster claims. A recent report by the Actuaries Institute underscores the indispensable role of reinsurance in maintaining the industry's financial health. - read more |
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| AUSactive and Private Healthcare Australia Join Forces to Enhance Preventive Health Coverage
07 Feb 2026: Paige Estritori In a significant move towards integrating preventive health services into private health insurance, AUSactive has partnered with Private Healthcare Australia (PHA) to reform coverage options. This collaboration follows recent legislative changes reinstating rebates for select natural therapies, including Pilates, Yoga, and Tai Chi, when delivered by accredited professionals. - read more |
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| AIA Australia's New Portal Revolutionises Insurance Claims Processing
07 Feb 2026: Paige Estritori AIA Australia has unveiled its Member Insurance Portal, a digital platform designed to streamline the insurance claims process and enhance the overall user experience. This initiative reflects AIA's commitment to leveraging technology to meet the evolving needs of policyholders. - read more |
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| AFIA Introduces Revised Code to Elevate Insurance Premium Funding Standards
07 Feb 2026: Paige Estritori The Australian Finance Industry Association (AFIA) has released the second edition of its Insurance Premium Funding (IPF) Code of Practice, introducing updated requirements for providers and reinforcing industry-wide standards. This revision reflects the industry's commitment to enhancing governance and transparency, particularly as businesses and individuals navigate economic challenges. - read more |
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| ASIC Intensifies Scrutiny on Insurance Pricing and Complaints Handling
06 Feb 2026: Paige Estritori The Australian Securities and Investments Commission (ASIC) has unveiled its enforcement priorities for the upcoming year, placing a significant emphasis on the insurance sector. The regulator aims to address concerns related to misleading pricing practices, claims handling, and complaints processes within the industry. - read more |
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| Australian Insurers Brace for Earnings Decline After Record Profits
06 Feb 2026: Paige Estritori Australian insurers are preparing for a potential decline in earnings following a decade-high return on equity (ROE) of 19% in the 2024-25 financial year. This peak performance was driven by strong underwriting results, high investment returns, and a period of relatively low natural disaster claims. - read more |
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| Australian Cyber Insurance Market Reports $17 Million Underwriting Gain
06 Feb 2026: Paige Estritori The Australian cyber insurance market has reported a $17 million underwriting gain in the September quarter, indicating a steady demand for cyber risk coverage. Gross written premium for this sector increased to $53 million, up from $39 million in the same period last year, reflecting the growing recognition of cyber threats among businesses. - read more |
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| BIA's New Combined Indemnity and Liability Insurance: What Fitness Professionals Need to Know
06 Feb 2026: Paige Estritori Berkley Insurance Australia (BIA) has recently unveiled a combined professional indemnity (PI) and public liability (PL) insurance product, set to be available through the Steadfast Client Trading Platform (SCTP) starting June 1. This strategic move aims to streamline risk management solutions for intermediaries, offering a more cohesive approach to coverage. - read more |
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| Rising Insurance Costs: What Fitness Professionals Need to Know
06 Feb 2026: Paige Estritori The Australian Prudential Regulation Authority (APRA) has released its latest National Claims and Policies Database (NCPD) statistics, highlighting a significant increase in premiums and claims costs for public liability and professional indemnity insurance. This trend has substantial implications for fitness professionals across Australia. - read more |
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| Proposed Civil Liability Reforms: Implications for Fitness Professionals
06 Feb 2026: Paige Estritori The Insurance Council of Australia (ICA) has recently released a white paper advocating for comprehensive reforms to state and territory civil liability laws. This initiative aims to address the escalating public liability insurance premiums that have been impacting various sectors, including the fitness industry. - read more |
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| Healthscope's Contract Terminations: Implications for Millions of Australians
06 Feb 2026: Paige Estritori Healthscope, Australia's second-largest private hospital operator, has announced the termination of its agreements with major health insurers Bupa and the Australian Health Services Alliance (AHSA). This decision is set to affect approximately 6.6 million Australians, potentially leading to increased out-of-pocket expenses for those seeking treatment at Healthscope's 38 hospitals nationwide. - read more |
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| Government Directs Health Insurers to Increase Private Hospital Funding
06 Feb 2026: Paige Estritori The Australian government has issued a directive to health insurers, requiring them to allocate a greater portion of their increased premiums to private hospitals. This move aims to enhance patient care and support the financial stability of private healthcare facilities. - read more |
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| AMA Report Card Reveals Erosion of Value in Private Health Insurance
06 Feb 2026: Paige Estritori The Australian Medical Association (AMA) has released its latest Private Health Insurance Report Card, indicating a concerning trend where Australians are paying higher premiums for private health insurance while receiving diminished value in return. - read more |
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| Allianz Australia and AWP Australia Penalised for Misleading Practices
06 Feb 2026: Paige Estritori In a significant regulatory action, Allianz Australia and its subsidiary, AWP Australia, have been fined $16.8 million for making false and misleading statements to consumers. This penalty underscores the critical need for transparency and honesty within the insurance industry. - read more |
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| Rising Insurance Premiums Challenge Northern Australian Homeowners
06 Feb 2026: Paige Estritori Homeowners in Northern Australia are grappling with substantial increases in insurance premiums, despite the establishment of a cyclone reinsurance pool intended to alleviate such financial burdens. This situation raises critical questions about the pool's effectiveness and the broader challenges facing the insurance industry in high-risk regions. - read more |
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| Record Profits for Australian Insurers Amid Premium Increases
06 Feb 2026: Paige Estritori Australia's insurance industry has reported an after-tax profit of $6.1 billion for the year 2024, a figure that is three times higher than the five-year average of $2 billion. This substantial increase in profitability coincides with significant hikes in insurance premiums across various sectors. - read more |
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| Escalating Construction Costs Impact Insurance Claims and Repair Timelines
06 Feb 2026: Paige Estritori The Australian construction industry is currently grappling with significant cost escalations, which are having a direct impact on insurance claims and repair timelines. According to a recent report by Crawford & Company, various factors are contributing to this trend, including rising material prices, labour shortages, and an increase in builder insolvencies. - read more |
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| IAG Partners with Codafication to Streamline Property Claims Management
06 Feb 2026: Paige Estritori Insurance Australia Group (IAG), a leading insurer in Australia, has announced a strategic partnership with Brisbane-based insurtech company Codafication to enhance its property claims management process. This collaboration introduces the Crunchwork platform, designed to automate workflows and provide real-time updates to all parties involved in the claims process. - read more |
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| Assetinsure Warns of Potential Impacts from Victoria's Building Insurance Reforms
06 Feb 2026: Paige Estritori Assetinsure, a prominent insurer in the Australian market, has expressed significant concerns regarding the Victorian Government's proposed Building Legislation Amendment (Buyer Protections) Bill 2025. The insurer warns that the reforms could result in higher insurance premiums and increased bureaucratic processes within the construction industry. - read more |
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| TAL's Health Sense Plus Now Covers Income Protection Policies
04 Feb 2026: Paige Estritori In a significant development for policyholders, TAL has expanded its Health Sense Plus program to encompass income protection (IP) policies. This initiative, effective from August 8, 2025, aims to incentivise proactive health management by offering premium discounts to clients who engage in preventative health checks. - read more |
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| Surge in Mental Health Claims Puts Pressure on Australia's Insurance Industry
04 Feb 2026: Paige Estritori Australia's insurance sector is facing unprecedented challenges as mental health conditions have become the leading cause of total and permanent disability (TPD) claims. Recent data from the Council of Australian Life Insurers (CALI) reveals that mental health issues now account for nearly one-third of all TPD claims paid out. - read more |
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| Rest Super Faces Class Action Over Alleged Wrongful Deduction of Income Protection Premiums
04 Feb 2026: Paige Estritori Shine Lawyers has initiated class action proceedings in the Federal Court against Rest Superannuation, alleging that the fund wrongfully deducted income protection premiums from members' accounts between December 2008 and June 2019. The lawsuit claims that up to 500,000 Rest members may have been affected by these deductions. - read more |
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| Marine Skippers Insurance Expands to International Waters
04 Feb 2026: Paige Estritori Marine Skippers Insurance has recently unveiled a new international coverage plan tailored for captains navigating vessels to and from Australia. This development is particularly timely, coinciding with preparations for the upcoming Sydney to Hobart yacht race. - read more |
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| NM Insurance and Zurich Forge Long-Term Partnership
04 Feb 2026: Paige Estritori NM Insurance has solidified its position in the marine insurance sector by entering into a five-year agreement with capacity provider Zurich. This strategic partnership is set to bolster NM Insurance's growth trajectory and instill greater confidence among brokers. - read more |
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| Quay Marine Insurance and XL Insurance Join Forces
04 Feb 2026: Paige Estritori Quay Marine Insurance has announced a strategic partnership with XL Insurance, a subsidiary of Axa XL, to provide enhanced coverage for various marine insurance products. This collaboration marks a significant step in offering expanded capacity and risk solutions to clients. - read more |
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| IAG CEO Predicts Ongoing Insurance Premium Rises Amid Easing Inflation
04 Feb 2026: Paige Estritori Australians should brace for continued increases in insurance premiums, albeit at a moderated pace, according to Nick Hawkins, CEO of Insurance Australia Group (IAG). The company recently reported a significant 91% rise in net profit for the first half of the fiscal year ending December 31, 2024, reaching $778 million. This surge is largely attributed to favourable weather conditions and a reduction in claims. ([abc.net.au](https://www.abc.net.au/news/2025-02-14/iag-ceo-nick-hawkins-warns-of-further-premium-increases/104931074?utm_source=openai)) - read more |
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| Climate Change's Impact on Rising Home Insurance Premiums in Australia
04 Feb 2026: Paige Estritori Insurance Australia Group (IAG), a leading insurer in Australia, has highlighted the significant role of climate change in driving up home insurance premiums. The company reports that the increasing frequency and severity of weather events are major factors contributing to these rising costs. ([abc.net.au](https://www.abc.net.au/news/2025-11-04/climate-change-plays-role-in-growing-home-insurance-iag-warns/105964560?utm_source=openai)) - read more |
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| Australian Insurers Integrate AI Innovations to Transform Services
04 Feb 2026: Paige Estritori Insurance companies across Australia and New Zealand are increasingly investing in artificial intelligence (AI) technologies to drive digital transformation and enhance service delivery. This strategic shift aims to improve efficiency, customer interactions, and risk management practices. ([newshub.medianet.com.au](https://newshub.medianet.com.au/2025/01/insurers-embrace-ai-innovations-in-australia-new-zealand/84215/?utm_source=openai)) - read more |
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| Australian Insurers Achieve Record Profits Amid Rising Premiums
04 Feb 2026: Paige Estritori In 2024, Australia's insurance industry reported an after-tax profit of $6.1 billion, a figure that is three times higher than the five-year average of $2 billion. This substantial increase is attributed to significant premium hikes and a relatively benign year for natural disasters. - read more |
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| Calls for Greater Transparency as Insurance Premiums Soar
04 Feb 2026: Paige Estritori Australian homeowners are facing significant increases in insurance premiums, with some reporting hikes of up to 600% over the past year. This trend has prompted consumer advocacy groups to call for greater transparency from insurers regarding the factors driving these substantial increases. - read more |
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| Rising Insurance Costs in NT Challenge Cyclone Reinsurance Efforts
04 Feb 2026: Paige Estritori Homeowners in the Northern Territory are experiencing significant increases in insurance premiums, despite the federal government's establishment of a cyclone reinsurance pool in 2022 aimed at reducing costs in cyclone-prone areas. - read more |
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| Australian Food Super Implements Age-Based Insurance Premium Structure
03 Feb 2026: Paige Estritori Australian Food Super has announced a transition to age-based pricing for its insurance offerings, a move that will see premium costs vary according to members' age brackets. Effective November 1, 2025, this change aims to align insurance costs more closely with the risk profiles associated with different age groups. - read more |
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| Australian Life and Income Protection Insurance Premiums Experience Notable Decline
03 Feb 2026: Paige Estritori Recent research from Rainmaker Information indicates a significant decrease in life and income protection insurance premiums across Australia. Direct life premiums have fallen by 7% since 2024, while direct income protection premiums have seen reductions of 12% and 13% for policies with 30-day and 90-day waiting periods, respectively. - read more |
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| Global Insurtech Funding Sees Significant Decline Amid AI Surge
03 Feb 2026: Paige Estritori The global insurtech sector experienced a notable downturn in funding during the fourth quarter of 2024, with total investments halving to $US688.24 million compared to the previous quarter. This decline marks the lowest annual funding level since 2018, according to data from Gallagher Re. - read more |
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| Australian Insurance Industry Set for Significant Growth Amid Rising Natural Disasters
03 Feb 2026: Paige Estritori The Australian general insurance industry is on a trajectory for substantial growth, with direct written premiums (DWP) projected to exceed $144 billion by 2029. This forecast, provided by data and analytics firm GlobalData, reflects a compound annual growth rate (CAGR) driven by increasing demand for coverage in response to the rising frequency of natural disasters. - read more |
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| ASIC Calls for Urgent Improvements in Insurers' Complaints Handling Processes
03 Feb 2026: Paige Estritori The Australian Securities and Investments Commission (ASIC) has identified significant deficiencies in the complaints handling processes of several insurers, prompting calls for immediate improvements. A recent review revealed that insurers failed to recognize one in six customer complaints, neglected to identify systemic issues, and frequently missed communication deadlines. - read more |
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| ASIC Identifies Major Gaps in Insurers' Complaint Handling Processes
03 Feb 2026: Paige Estritori The Australian Securities and Investments Commission (ASIC) has recently conducted a comprehensive review of insurers' complaint handling processes, uncovering significant deficiencies that require immediate attention. The findings indicate that insurers are failing to meet their regulatory obligations, leading to potential customer dissatisfaction and trust issues within the industry. - read more |
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| WFI Insurance and Rural Aid Join Forces to Assist Farmers in Crisis
02 Feb 2026: Paige Estritori In a significant move to bolster support for Australia's agricultural sector, WFI Insurance has announced a formal partnership with Rural Aid, a leading rural relief charity. This collaboration is set to provide much-needed assistance to farmers and rural communities affected by recent natural disasters, including the devastating bushfires in Victoria and severe weather events in Queensland. - read more |
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| Elders Insurance Warns Farmers of Escalating Summer Storm Threats
02 Feb 2026: Paige Estritori As the Australian summer approaches, Elders Insurance is calling on farmers to brace for an anticipated increase in storm-related damages. Recent claims data reveals a concerning trend, with summer months accounting for nearly half of all storm-related farm insurance property claims over the past two years. - read more |
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| AFCA Observes Significant Increase in General Insurance Complaints
01 Feb 2026: Paige Estritori The Australian Financial Complaints Authority (AFCA) has reported a 17% increase in general insurance complaints for the year ending June 30, 2025, totalling 34,231 cases. This uptick is primarily attributed to issues surrounding add-on covers and delays in motor vehicle insurance claims. - read more |
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| APRA's Findings: Stability in PI Claims and Decreasing Premiums
01 Feb 2026: Paige Estritori The Australian Prudential Regulation Authority (APRA) has released its latest National Claims and Policies Database, providing valuable insights into the professional indemnity (PI) insurance sector for the 2022 underwriting year. The data indicates that PI claims payments for non-facility business remained relatively stable at $1.111 billion, a slight increase from $1.109 billion in the previous year. - read more |
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| Upcover's New Insurance Solutions for Australian Nurses
01 Feb 2026: Paige Estritori Sydney-based insurtech company Upcover has unveiled a new professional indemnity and public liability insurance product tailored specifically for nurses across Australia. This initiative aims to provide comprehensive coverage that meets the unique needs of nursing professionals, including nurse practitioners, in-patient nurses, doulas, and nursing students. - read more |
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| Rising Strata Insurance Costs in the Northern Territory
01 Feb 2026: Paige Estritori Homeowners in the Northern Territory are experiencing significant increases in strata insurance premiums, despite the federal government's cyclone reinsurance pool, established in 2022 to mitigate such costs. This development raises concerns about the effectiveness of the pool and the broader implications for property owners in cyclone-prone regions. - read more |
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| Insurance Capacity Constraints Impacting High-End Strata Properties
01 Feb 2026: Paige Estritori High-end strata properties in Australia are facing significant challenges in securing adequate insurance coverage, as the market grapples with capacity constraints. This issue is particularly pronounced for buildings with property values exceeding $300 million, where limited insurer participation is leading to coverage shortfalls and increased premiums. - read more |
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| Strata Industry Advances Towards Phasing Out Insurance Commissions
01 Feb 2026: Paige Estritori The strata management sector in Australia is witnessing a significant shift towards eliminating insurance commissions, a move aimed at enhancing transparency and building trust between strata managers and property owners. This reform is gaining traction, with New South Wales leading the initiative. - read more |
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