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In the Weekly Insurance News Wrap, we discuss key stories from the Australian insurance sector, starting with Insurance Australia Group's (IAG) report on rising home insurance costs due to climate change, impacting homeowners and tradespeople. IAG advocates for stronger building standards, resilient infrastructure, and effective risk management to mitigate these impacts. We also cover Suncorp's impressive 8% annual cash earnings boost, leading to a new A$400 million share buyback program, but urge caution regarding potential premium changes. IAG drew attention for its 8% surge in net earned premiums and their effects on insurance rates. Lastly, Markel's new industry-specific Professional Indemnity insurance products, introduced in response to major shifts in the Australian PI insurance landscape, offer alternatives. Visit financialservicesonline.com.au for detailed coverage.n
