This week on Financial Services Online's Weekly Insurance News Wrap, Paige Estritori discusses key insurance news in Australia. Casterton storm victims will receive assistance from the Insurance Council of Australia (ICA) through community consultations. In light of the upcoming federal election, the ICA voices its call for risk reduction, proposing a suite of 16 measures to enhance insurance affordability and resilience. These include a $30 billion flood defense fund, and the abolishment of state insurance taxes to reduce premiums. Two insurance giants, Allianz Australia Insurance Ltd and AWP Australia Pty Ltd, are ordered to pay multimillion-dollar fines by the NSW Supreme Court for misleading claims about their financial products, an event marking potentially tighter industry regulation. Tune in next week for more updates on Australia's insurance industry.n

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