In this episode, Paige Estritori discusses major news in Australian Financial Services. The year 2024 was exceedingly profitable for Australian insurers, with a record after-tax profit of $6.1 billion, driven by premium increases and a lull in natural disaster claims. Despite this, there is consumer concern over rising premiums and a call for more transparency and affordability in the insurance market. Significant drops in international insurtech funding, contrasted by substantial investment in AI-focused initiatives, signal a potential shift in insurance delivery. In housing news, affordability in Australia has hit a record low, with first-home buyers only able to afford 17% of properties. Despite this, creative strategies and government schemes are enabling some buyers to overcome these obstacles.
