In this week's episode of Financial Services Online's Insurance News Wrap, Paige Estritori highlights the rising importance of cyber security and insurance, driven by high-stakes risks and recent cyberattacks on firms such as Fortnum Private Wealth. Cyber insurance is deemed a necessity and calls have been made for regular reviews of policies and increased employee awareness. Globally, the Swiss Re Institute predicts a surge in property and casualty insurance premiums in line with GDP growth, largely due to factors such as natural disaster losses. This could lead to a market value boom of 4.3 trillion USD by 2040. Back in Australia, the Insurance Council intensifies support for New South Wales flood victims. Finally, a discussion on a landmark ruling that supports an Australian motor insurance policyholder against fraud allegations reinforces the need for fairness in claim assessments.

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