In this week's insurance news, the Insurance Council of Australia (ICA) calls for liability law reforms due to rising insurance costs, particularly in the entertainment sector. The ICA proposes a national tort law review, emphasizing the need to reassess civil liability laws, address claim farming, and redefine dangerous activities. In other news, the insurance industry saw record profits in 2024 with hikes in premiums, causing concern over affordability among consumers. Despite the increase in insurance premiums, numerous reports signal potential stabilization. However, the growth in premiums is posing challenges to Australian businesses. Meanwhile, Allianz Australia and its subsidiary, AWP Australia, face a $16.8 million penalty for misleading insurance practices, sending a clear message for transparency. For more information on personal and business insurance, visit financialservicesonline.com.au.

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