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 Estritori covers four developments for Australian consumers and businesses: rising extreme‑weather losses and the growth of parametric insurance; SME calls for coordinated reform to ease premium pressures; federal reviews of the cyclone and terrorism reinsurance pools; and a NSW crackdown on undisclosed strata commissions. Each item includes a plain‑English takeaway on using brokers, comparing policies, checking eligibility for reinsurance‑pool benefits, and demanding transparent strata quotes. Listeners are invited to visit insuranceonline.com.au for free quotes and expert help.
Hello and welcome to Insurance Online News for Wednesday, 8 October 2025; Im Paige Estritori.
First, new data this week shows Australia ranks among the highest in the world for per‑person losses from extreme weather. The industry is testing parametric cover — thats insurance that pays out automatically when a trigger like wind speed or river height is reached — and government is exploring overseas models to improve affordability. If youre in a flood, cyclone or bushfire zone, speak with a broker about mitigation discounts, whether parametric options could plug gaps, and check your sums insured; you can compare policies and get free quotes in minutes.
Next up, small and medium‑sized enterprises — SMEs — are calling for coordinated reform as premiums bite. A new report urges governments to cut insurance taxes, review small‑business insurance costs, and back tailored products so firms arent forced to go bare or slash cover. If your renewal jumped, dont cancel; compare across the market, consider sensible excess settings, and ask a broker to structure cover so youre protected without overpaying.
Meanwhile, the federal government has opened reviews of the cyclone and terrorism reinsurance pools, administered by the Australian Reinsurance Pool Corporation, or ARPC. The cyclone review is testing ideas such as extending the current two‑day cover limit and whether the small‑business sum‑insured cap is high enough. If you operate in cyclone‑exposed regions, ask your broker whether your policy accesses the pool today and how any rule changes next year could affect price and coverage.
And in New South Wales, the strata regulator has warned of a zero‑tolerance crackdown on undisclosed commissions. Strata managers must disclose commissions and get owners approval, with unannounced inspections underway. If youre on a body corporate committee, insist on full quote and commission breakdowns and seek multiple quotes; unit owners can ask the committee for that detail and compare alternatives through a broker to avoid underinsurance.
Thats it for this week. For more updates and to compare personal and business insurance quotes online with Australia‑wide broker support, visit insuranceonline.com.au.
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