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:
Paige covers four updates for Australian consumers and businesses: government reviews of cyclone and terrorism reinsurance pools; industry profits rising as catastrophe costs ease and why shoppers should still compare; draft laws to ban life insurers from using genetic test results in underwriting; and an AFCA case affirming a large premium increase after a risk re‑rating. The takeaways focus on checking sums insured, documenting risk mitigation, and comparing personal and business insurance quotes at insuranceonline.com.au.
Hello and welcome to Insurance Online News, Im Paige Estritori, its Wednesday, 1 October 2025.
First today, the federal government has opened reviews of the cyclone and terrorism reinsurance pools. These pools are government‑backed safety nets that help insurers cover extreme risks, particularly in northern Australia and major commercial districts. The review could tweak how the schemes work, which may flow through to premiums and availability over time. If you operate in higher‑risk areas, keep records of your risk‑reduction steps and compare policies so youre ready for any changes.
Meanwhile, industry analysis shows general insurers booked about $7.3 billion in after‑tax profit last financial year as catastrophe losses eased and investment returns improved. Thats good for stability, but the report also warns of a perception gap after years of price pain for households and small businesses. Use the calmer backdrop to check your sums insured, consider reasonable excess settings, and compare options rather than auto‑renewing.
Next up, draft laws out for consultation would ban life insurers from using genetic test results in underwriting. If passed, that would remove a barrier for people seeking life cover or income protection after a medical test. Its not law yet, but its a signal to start exploring quotes and understanding what cover looks like for your circumstances.
And a reminder on risk‑based pricing. A recent case saw the Australian Financial Complaints Authority, or AFCA, back a large home premium increase after an insurer updated its risk model. It shows how location, building features and mitigation work can shift pricing. Provide accurate property details, document upgrades like roof, wiring or flood measures, and test the market with multiple quotes.
Thats the wrap. For clear comparisons and fast, free quotes from Australia‑wide brokers, visit insuranceonline.com.au. Im Paige Estritori—thanks for listening, and talk to you next week.
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