This week's podcast from Financial Services Online covers the major stories in the Australian insurance industry. It discusses record after-tax profits of $7.3 billion for general insurance over the past year, brought about by lower catastrophe losses and high investment returns. However, this boom has prompted debates concerning fair pricing and increased scrutiny on premium rates. The Australian Securities and Investments Commission raised concerns over inconsistencies in insurers' claims handling practices, highlighting service and compliance gaps that pose significant risks to consumers. Predictions for the coming year suggest a slowdown of profits due to moderated premium growth and softer market conditions. Last, the rising costs of public liability insurance in the leisure sector, especially for live music venues and amusement parks, have led to calls for interventions from industry shareholders and government.n

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