In this week's episode of Financial Services Online, we discuss the challenges faced by Australia's insurance giant, QBE Insurance Group, due to slowing premium rate growth, and concerns persist despite a proposed $450 million share buyback. We also highlight the record-breaking profits in the Australian insurance industry, tripling the five-year average to $6.1 billion in 2024, due to increased premiums and a benign year for natural disasters. However, affordability issues are rising with insurance premiums. We scrutinize the proposed $1.35 billion acquisition of the Royal Automobile Club by Insurance Australia Group (IAG) and potential impacts on competition and service quality in insurance sectors. Additionally, we underline the increasing influence of climate-related risks on insurance premiums and the need for risk assessment and management strategies in the context of climate change. Stay up to-date with insurance news, trends, and changes in industry conditions at financialservicesonline.com.au.

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