In this episode of the Daily Financial Services News Wrap, we discuss significant happenings in the Australian financial sector. The Australian Financial Complaints Authority ruled in favor of a restaurant in an arson claim dispute with QBE Insurance, despite non-disclosure of the director's criminal history. In insurance news, Insurance Australia Group (IAG) witnessed a 91% surge in net profit but warned of incremental hikes in insurance premiums due to climate-related risks. The non-banking sector is seeing a shift with 47% of Australian SMEs relying on non-bank lenders, despite potential high interest rates and fees. Lastly, a survey from Commonwealth Bank revealed that 8 out of 10 SMEs report cash flow issues due to inflation and supply chain disruptions, with many resorting to personal savings for continuance. Proactive financial strategies are suggested for stability and growth.

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