Sun, 1st Feb 2026

In this episode of the Daily Financial Services News Wrap, we discuss the profitable 2024 for Australian insurers, with an after-tax profit of $6.1 billion, attributed to increasing insurance premiums and fewer weather events. However, this surge in premiums have led to concerns about affordability, sparking calls for balance between consumer affordability and profitability. Opposition leader Peter Dutton supports increasing competition, and the ACCC highlights high insurance costs in Northern Australia. Looking ahead, Australia's insurance market is expected to reach $144 billion by 2029 due to potential natural disasters and increased focus on personal accident and health insurance. Hutch Underwriting also introduces an enhanced professional indemnity insurance for tradespeople. With rapidly changing industry dynamics, key themes include collaboration, competition, and consumer choice, alongside a call for industry reform.n