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:
Paige covers four stories for 19 March 2026: Queensland floods exceed 2,000 claims and a Bundaberg levee push as a new cyclone risk looms; AFCA expands powers from 12 March to include receiving banks in scam cases and to name non‑compliant firms; two AFCA rulings reinforce customer rights on storm and home damage claims; and insurers with government release resilience investment principles as Cyclone Alfreds final insured loss hits about $1.9b. Takeaways: check flood cover, lodge early, strengthen cyber and fraud protection, document claims, and ask brokers about risk‑reduction upgrades and policy options.
Hello and welcome to Insurance Online News with me, Paige Estritori, for Thursday, 19 March 2026.
First up, Queenslands floods have triggered more than two thousand claims. The industry says many losses in Bundaberg could have been avoided if the long‑planned East levee was in place, and theres a fresh cyclone risk flagged for the states north. If youre affected, document damage, lodge early, and check whether flood is listed as a covered event on your home or business policy. If youre unsure, compare options and get guidance from an independent broker so youre not underinsured next time.
Meanwhile, the Australian Financial Complaints Authority, or AFCA, has widened its powers from 12 March. It can now look at the role of receiving banks in scam cases, and it can publish the names of firms that dont comply with its determinations. Thats a real nudge for better outcomes. For households and small businesses, move fast if money goes missing—contact your bank, gather records, and escalate to AFCA if needed. And consider whether your cyber and fraud protections—personal or SME—are up to date.
On claims handling, two new AFCA decisions matter for customers. One requires an insurer to honour a home damage claim it first approved and then tried to reverse, including reinstating the renewal and paying modest compensation. Another tells an insurer to accept a vulnerable customers storm‑related ceiling collapse. The lesson is simple: keep photos, reports and timelines, and dont hesitate to challenge a decision. A broker can help frame a dispute and steer you through next steps.
And finally, insurers and the federal government have agreed guiding principles to target resilience spending—think levees, home upgrades and community defences. This comes as the final loss estimate for last years Ex‑Tropical Cyclone Alfred landed at about $1.9 billion. Risk reduction wont change premiums overnight, but upgrades can cut exposure and sometimes earn discounts. Ask your broker what improvements your home or business could make and how that might influence coverage and excesses.
Thats it for today. For free quotes, easy comparisons and expert broker support across personal and business insurance, head to insuranceonline.com.au. Thanks for listening, Im Paige Estritori. Stay safe, and Ill catch 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.
Follow us!
We are a proud member of the Financial Services Online network!
Connect with us on your favourite social media platform for the latest financial news, views, resources and information.
Filing an insurance claim in Australia can be a daunting process, especially if you are not familiar with the necessary steps and requirements. Claiming insurance is crucial when you need financial support, whether due to a natural disaster, accident, or another unexpected event. - read more
When life takes an unexpected turn, whether due to illness, injury, or other unforeseen events, the financial repercussions can be devastating. This is where income protection insurance becomes an essential component of maintaining financial stability. Income protection insurance acts as a safety net, ensuring that even in times of hardship, your financial obligations can be met, and your standard of living maintained. - read more
Accidental income protection insurance is a type of policy that provides financial support if you are unable to work due to an accident. Unlike regular income protection insurance, which can cover illnesses and injuries, this specific insurance focuses solely on accidents. - read more
Financial security is crucial in today's unpredictable world, where unexpected events can disrupt the stability and comfort of our daily lives. For Australians, protecting one's income and lifestyle from unforeseen circumstances is a key component of personal finance. - read more
Income protection insurance is a type of cover designed to provide you with a safety net if you are unable to work due to illness or injury. By offering regular payments that replace a portion of your income, it helps ensure that you can maintain your lifestyle and cover essential expenses during challenging times. - read more
AIA Australia has recently updated its Priority Protection life insurance suite, introducing changes designed to simplify discounts, enhance policy clarity, and support premium affordability. These enhancements, effective from 9 November 2025, reflect AIA's commitment to providing value-driven solutions for policyholders. - read more
Recent findings from a survey conducted by Zurich and the University of Oxford reveal that Australia has one of the lowest life insurance penetration rates globally. The study indicates that only 27% of Australians have income protection insurance, and 25% possess life insurance coverage. These figures are notably lower than the global averages of 33% for income protection and 32% for life insurance. - read more
Zurich has introduced a groundbreaking Women's Health Benefit within its Corporate Care Income Protection product, marking the first dedicated corporate income protection benefit in Australia designed specifically for female health conditions and events. This initiative aims to provide targeted support for women experiencing health issues that can impact their professional lives. - read more
Club Marine, Australia's leading boat insurance provider, has announced a new partnership with the Australian Offshore Powerboat Club (AOPC) to offer specialised insurance coverage for race boats while they are on land. This initiative addresses a significant gap in the market, providing protection against accidental loss, damage, theft, or malicious damage to vessels during storage and transit. - read more
Recent data from global insurance broker Marsh indicates a notable decline in commercial insurance rates across the Pacific region, with a 12% drop recorded in the last quarter of 2025. This marks the steepest decrease since early 2024, suggesting a softening market and increased competition among insurers. - read more
