In this week's podcast from Financial Services Online, Paige Estritori discusses major issues affecting Australia's insurance sector. Key points include the Insurance Council of Australia's call for modernising outdated civil liability laws, which have contributed to a significant increase in public liability insurance premiums. This has impacted small-to-medium enterprises and non-profits, with the entertainments and tourism sectors being particularly hit. Additionally, rising injury claims have seen businesses accepting larger financial risks, highlighting the need for risk management strategies. Positive developments include the Cyclone Reinsurance Pool's offer of lower premiums for cyclone-prepared property owners. Lastly, the podcast highlights issues with strata property governance in Victoria, which has led to high insurance premiums and necessitates improvements in transparency and education in owner corporations. Visit financialservicesonline.com.au for more personal and business insurance information.

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