This week's insurance news wrap highlights key developments in the Australian insurance sector. ASIC has urged insurers to improve claim handling practices after shortcomings in transparency and dispute resolution were found. Steadfast Group advanced its global expansion by buying a majority stake in Novum Underwriting Partners, providing more customized solutions for tradespeople. The Insurance Council of Australia proposed a $30 billion flood defense fund, an initiative aimed at reducing the cost of flood damages and stabilising insurance premiums, particularly beneficial for tradespeople in flood-prone areas. Lastly, Insurance Australia Group finalized the acquisition of RACQ's insurance underwriting business for $855 million. These changes in the sector call for tradespeople to review their current policies and seek professional advice.

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