In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses significant developments in the Australian insurance industry. First, she covers a pivotal Federal Court ruling directing insurance companies Vero, QBE, and Star International to fulfill their obligations to Baralaba Coal Company for additional repair costs, even post-policy expiration. This enforces the responsibility of insurers to honour their commitments. Next, she highlights the New South Wales budget for 2024-25, revealing major focuses on resilience and insurance affordability. It includes a shift of the emergency services levy from an insurance premium to a property levy and earmarks $5.7 billion for disaster prevention. This budget has been praised by the Insurance Council of Australia and the Insurance Australia Group for its emphasis on safety and long-term protection.

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