In this episode of Financial Services Online, Paige Estritori discusses the current challenges in Australia's financial sector. The Insurance Council of Australia (ICA) is requesting updates to the civil liability laws, which they believe have led to a significant increase in public liability insurance premiums. The rising premiums are causing financial troubles for businesses of all sizes and non-profit organizations, mainly due to the complexities of claims processes, legal charges, and psychological injury claims. The Australian Prudential Regulation Authority (APRA) corroborates with data showing a 40% rise in these premiums since 2015. However, there are some opportunities for reductions in insurance costs for strata property owners in Central and North Queensland. Meanwhile, the ICA suggests poor strata governance in Victoria leads to higher premiums, but improvements could potentially lower these expenses. Tune in for detailed insights and industry updates.

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