Welcome to the Insurance Online News podcast with your host, Paige Estritori, where we deliver the latest and most significant news from the world of insurance in Australia. Our dedicated team works tirelessly to bring you the freshest updates, focusing on the stories that matter the most to both Australian businesses and individual consumers over the past week.
Through meticulous research, we transform these developments into original content that not only keeps you informed but also offers deep insights into the insurance landscape as it stands today. Our podcast distills these crucial updates into a format that's both succinct and captivating. For professionals within the insurance realm or personal consumers keen on keeping up with insurance trends, look no further. Paige Estritori brings you all the essential information daily, making our podcast the ultimate destination for trustworthy and impactful insurance news.
This Week:
This week: a class action targets icare over a large data breach; industry warns CSLR funding changes could push up premiums; APRA steps up supervision amid global risks while insurers remain well capitalised; and Canberra arrests highlight business email scam risks. Takeaways: review cyber protections, compare cover early at renewal, check sums insured for rising repair costs, and consider cyber insurance features that address invoice scams. Visit insuranceonline.com.au for free quotes and broker help.
Hello and welcome to Insurance Online News, Im Paige Estritori, and its Thursday, 28 May 2026.
First, a major privacy case. A class action has been filed against icare after a data breach exposed sensitive details for about 192,000 workers. If you were notified about that incident, keep an eye on identity monitoring and update old passwords. For everyone else, its a reminder to review your own cyber protections and, for businesses, consider whether your policy includes cover for data breaches and response costs—our brokers can help you compare that quickly.
Next up, pressure on premiums from outside the sector. Proposed fixes to the Compensation Scheme of Last Resort—CSLR for short—could again draw funding from general insurers even though general insurance isnt covered by the scheme. Industry says that would add costs at a time affordability is already tight. The smart move is to shop around early at renewal, compare benefits not just price, and ask a broker to check for underinsurance so youre not paying more for less.
Meanwhile, the prudential regulator—APRA, the Australian Prudential Regulation Authority—says insurers remain well capitalised, but its stepping up supervision as global tensions keep supply chains unpredictable. That can flow through to repair times and parts costs. If youve renovated, bought new tools or upgraded equipment, check your sums insured; small gaps can turn into big out‑of‑pocket bills at claim time.
And to cyber crime on the home front. Two men were refused bail in Canberra over alleged roles as money mules tied to business email compromise scams. Its a timely nudge for SMEs to verify bank details before paying invoices, use two‑person approvals for large transfers, and make sure your cyber insurance includes social‑engineering and invoice‑manipulation cover. If youre unsure, we can line up options and explain the fine print in plain English.
Thats it for this week. For free, fast personal and business insurance quotes and Australia‑wide broker support, head to insuranceonline.com.au. Im Paige Estritori—thanks for listening, and Ill see you next week.
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
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Knowledgebase
Reinsurance: Insurance that an insurance company purchases from another insurance company to mitigate risk.
