In this week's episode of Financial Services Online's Insurance News Wrap, host Paige Estritori reports on the Insurance Council of Australia's (ICA) compassionate outreach to storm-struck Casterton, offering a scheduled community consultation and information session to simplify claim procedures and recovery strategies for the residents. She also discusses ICA's advocacy for robust risk reduction strategies, including a proposed $30 billion flood defense fund, despite recent federal budget restrictions. As the federal election approaches, ICA urges the abolition of state insurance taxes and the adoption of their resilience strategies. Additionally, we discuss the Supreme Court of New South Wales' significant fines on Allianz Australia Insurance Ltd and AWP Australia Pty Ltd for misleading claims, highlighting the value of transparency in the financial service industry.n

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