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Insurance Landscape: Future Trends and Insights

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.

In its latest release, designed to enhance industry understanding, CGU has unveiled the third installment in its Strive guide series.

This edition provides valuable insights for brokers, highlighting current trends and significant shifts impacting the insurance sector and the broader economic environment.

Peg Vaghaye, CGU's Executive Manager of Broker Relationships, emphasizes the vital role brokers play amidst a swiftly evolving market: "We hope Strive 3.0 is welcomed by our broker network as a complimentary guide to help support those vital conversations,” she said. This sentiment underlines the growing importance of brokers who offer advice to clients in navigating complex risk scenarios.

The report delves into numerous key areas:

Insurance Affordability and Underinsurance: Understanding the accessibility of insurance for various demographics and tackling the risk of insufficient coverage.
Technological Advances: Exploring the disruptive potential of emerging technologies and their practical applications in improving service delivery and customer experiences.
Climate Risk: Addressing environmental challenges, including upcoming regulations that mandate sustainability disclosures, and how these factors reshape risk assessments.
Intergenerational Dynamics: Identifying opportunities and challenges that arise from demographic shifts, impacting client needs and service models.
Global Influences: Assessing how international trends are exerting pressure on the Australian insurance landscape now and into the future.

Building upon previous iterations, Strive 3.0 aims to equip brokers with insights pertinent to the challenges faced within these focal areas. A notable shift in this edition is a deeper dive into technology-driven transformations, reflecting the rapid pace of digital evolution impacting business operations and consumer expectations.

The comprehensive nature of the guide is intended to not only inform but also empower brokers to stay ahead of industry curves, fostering proactive client relationships. This aligns with CGU's mission to be at the forefront of innovation, embracing change to improve resilience and service delivery.

This type of detailed analysis was also highlighted in “Insurance Business Magazine,” which remarked on the increasing complexity brokers confront as new technologies and environmental factors reshape their roles. Such external validations further solidify the guide's status as a crucial tool for modern insurance professionals.

In a rapidly changing world, armed with insights from Strive 3.0, brokers can better manage future uncertainties, ensuring both their sustainability and that of their clientele.

Published:Monday, 11th Nov 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

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Insurance News

NSW Introduces Strata Law Reforms to Strengthen Community Governance

19 Nov 2025: Paige Estritori

On 27 October 2025, the New South Wales (NSW) Government implemented significant reforms to strata laws, aiming to enhance transparency, accountability, and financial management within strata schemes. These changes are designed to better meet the evolving needs of strata communities across the state. - read more

Strata Insurance Affordability Holds Steady Despite Rising House Insurance Costs

19 Nov 2025: Paige Estritori

In its 2025 State of the Strata Market report, CHU has revealed that strata insurance premiums have experienced a modest increase of 2.8%, rising to an average of $981 per lot in the year leading up to June 2025. This increment is notably lower than the 14% surge observed in house insurance premiums during the same period. - read more

Consumer Advocates Push for Ban on Strata Insurance Commissions in NSW

19 Nov 2025: Paige Estritori

Consumer advocacy groups, including the Australian Consumers Insurance Lobby (ACIL) and the Owners Corporation Network (OCN), are urging the New South Wales (NSW) Government to implement a ban on commissions related to strata insurance. They argue that such commissions create conflicts of interest and compromise transparency within the strata management sector. - read more

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16 Nov 2025: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has recently ruled against TAL, a prominent life insurer, for terminating a policyholder's income protection benefits without prior notice. This decision underscores the critical importance of procedural fairness in the management of insurance claims. - read more

Actuaries Institute Highlights Financial Strain of Mental Illness on Insurance Systems

16 Nov 2025: Paige Estritori

The Actuaries Institute has issued a call for immediate action to address the escalating financial strain that mental illness is placing on Australia's insurance and compensation systems. This appeal underscores the pressing need to ensure the sustainability of the nation's financial safety net in the face of increasing mental health-related claims. - read more

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