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 small businesses: Budget 2026 funds transparency on home insurance and keeps the NQ comparison site running but adds no major mitigation spend; ASICs court action over RACQ renewal comparisons underscores the need to scrutinise notices and shop around; the cyclone reinsurance pools season losses were within expectations, supporting risk absorption but with savings varying by location; and new research highlights surging mental‑health related income support and claims, prompting a check of life and income protection settings.
Hello and welcome to Insurance Online News with Paige Estritori, its Thursday, 14 May 2026.
First, the federal budget. It sets aside about $3.4 million over four years to tackle home insurance affordability and reduce underinsurance. That includes $2.4 million over two years for Treasury to consult on clearer premium explanations and standard natural‑hazard definitions, and $1 million for the Australian Securities and Investments Commission, or ASIC, to keep the North Queensland home insurance comparison website running. There was no major new funding for mitigation, so real, lasting savings will still come from reducing risk. For you, this means more transparency on what youre paying and why. Use our platform to compare cover and check your sums insured so youre not caught short.
Next up, a reminder to read renewal notices carefully. ASIC has taken RACQ Insurance to court over year‑to‑year premium comparisons it says could mislead when last years figure didnt reflect later policy changes. RACQ says it was trying to align with expected code changes, but the point stands: look at what you actually paid last year, note any changes to your cover or excess, and shop around before you accept a rise. We can help you compare options quickly.
Meanwhile, the federal cyclone reinsurance pool reports losses from the latest season were within expectations, at about $267 million across nine declared events. That suggests the scheme is absorbing peak risk as designed, though savings still vary by insurer, property and location. If you live or run a business in cyclone‑exposed areas, ask whether your policy is in the pool and what practical risk‑reduction steps—like property hardening—could trim your premium.
And finally, new research shows around 8.5 million Australians accessed income support in the past year, with mental ill‑health a major driver. Life insurers paid about $8.3 billion to around 55,000 people unable to work, and mental health now accounts for roughly one‑third of total and permanent disability claims and one‑fifth of income protection claims. If you hold, or are considering, income protection or life cover, review waiting periods, benefit periods and mental‑health terms, and compare before you renew to avoid underinsurance.
Thats the wrap for this week. For free, fast personal and business insurance quotes, expert help and easy comparisons, visit insuranceonline.com.au.
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
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Knowledgebase
Insurance Claim: Notification to an insurance company requesting payment of an amount due under the terms of the policy.
