In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses the growing risks in the financial sector highlighted by the cyberattack on Fortnum Private Wealth, increasing the urgency for robust cybersecurity and cyber insurance. She talks about an expected increase in global property and casualty insurance premiums in line with GDP and a market value that could double by 2040, according to Swiss Re Institute. Additionally, the Insurance Council of Australia is aiding New South Wales flood victims by clarifying the claims process, emphasizing the importance of direct communication between insurers and claimants. Lastly, a recent ruling by the Australian Financial Complaints Authority, siding with a motor insurance policyholder, may prompt insurers to reconsider their rejection criteria and investigation methods.

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