In this episode of the "Daily Financial Services News Wrap", host Paige Estritori discusses Australia's financial services adapting to severe weather and climate challenges. The episode delves into issues regarding disaster insurance terms, with calls to expand insurance terminology and clarify 'fair wear' coming from Assistant Secretary Robb Preston and the Insurance Council of Australia, respectively. Increasing weather-related risks have also prompted the APRA to advocate for transparency and effective communication in the insurance industry. Furthermore, the ASFA has endorsed tailored climate reporting standards for our unique investment practices. In finance, even as service inflation subsists, the Reserve Bank of Australia has held the cash rate steady at 4.35%, with expectations for a return to the 2-3% inflation target range by 2025. Keep informed on financial services online.n
