Insurance News Wrap

In this week's episode of the Insurance News Wrap, we discuss significant developments in the insurance industry. We start with the five-year partnership between NM Insurance and Zurich, a collaboration set to strengthen NMs position in niche risk strategies. Cyber threats have surged recently, prompting CFC Underwriting Limited to introduce a free Cyber Masterclass for brokers. Meanwhile, New Sou...

In this week's Financial Services Online podcast, key highlights include NM Insurance's five-year agreement with Zurich to expand commercial marine, caravan, and motorcycle insurance offerings. Both entities underscore the importance of broker support and claims reliability. Cybersecurity concerns abound as CFC Underwriting leads with an on-demand Cyber Masterclass aimed at equipping brokers with...

In this episode of the Weekly Insurance News Wrap, we discuss a landmark five-year partnership between NM Insurance and Zurich, carrying implications for broker confidence and business stability within the Australian insurance industry. We highlight a new free Cyber Masterclass from CFC Underwriting Limited, aimed at strengthening broker understanding of cyber insurance in a technology-driven worl...

This week's podcast provides updates on the latest insurance developments. CFC Underwriting Limited has launched a free Cyber Masterclass for brokers, offering practical insights into cybercrime and insurance, aiding brokers in better client service. New South Wales is conducting a review of its Compulsory Third Party insurance and lifetime care systems, encouraging public input until October. An...

In this episode of Weekly Insurance News Wrap, we cover important updates from the Australian insurance industry. In New South Wales, a review of the Compulsory Third Party insurance and lifetime care schemes is underway. The Australian Financial Complaints Authority upheld a flood cover premium increase by Allianz amid a dispute with a homeowner. Marsh Australia reports a significant rise in grou...

This week on Financial Services Online podcast, Paige Estritori explores the evolving Australian insurance sector. Key topics include a comprehensive review by the New South Wales state government of its Compulsory Third Party (CTP) insurance and Lifetime care schemes, the first since 2022. The Australian Financial Complaints Authority's ruling supporting Allianz's decision to raise flood cover pr...

In this episode of the Weekly Insurance News Wrap, discussions include a homeowner's rejected claim for a refund from Allianz, which amplified the significance of tracking insurance policy changes, especially for properties in high-risk areas. Premiums for group life policies with long-term benefits have seen an average increase of 15% - 25%, and underwriting standards have tightened. As a result,...

In this episode of the Weekly Insurance News Wrap, Paige Estritori covers pressing insurance topics in Australia. Firstly, there's a significant increase in the premiums for group life insurance policies, with some insurers avoiding high-risk sectors. Despite these hikes, one insurer is reintroducing corporate life insurance beyond superannuation plans. The halt in National Construction Code updat...

This podcast summarizes the week's major stories in the Australian insurance industry. Key topics include a surge in group life insurance premiums inspired by tight underwriting standards leading to cost-saving tactics, which possibly result in underinsurance. In the construction sector, the government's pause on National Construction Code updates to speed up housing developments has raised concer...

This podcast focuses on several key updates in the Australian insurance industry. Marsh Australia reports a challenging landscape with rising premiums, tightening underwriting standards, especially for high-risk sectors, and an emerging re-evaluation of employee benefits. Cancer and mental health issues remain top claim causes. The Australian government's decision to halt updates to the National C...

On this week's edition of Financial Services Onlines insurance news wrap, Paige Estritori discusses key updates from the Australian insurance sector. Topics include federal government's pause on National Construction Code updates causing tension in the insurance industry, with worries that a four-year deferment could negatively impact future building standards. The show also covers incidents such...

This edition of Weekly Insurance News Wrap with Paige Estritori brings noteworthy updates from the Australian insurance industry. The Australian Financial Complaints Authority (AFCA) demanded RACQ Insurance augment a payout after mishandling a house fire claim. The Australian Securities and Investments Commission warned of significant inadequacies in life insurance sales practices, urging improvem...

In this podcast, Paige Estritori discusses key updates from the financial sector, focusing on insurance industry dynamics in Australia. The Australian Securities and Investments Commission (ASIC) is scrutinizing life insurance sales practices due to substantial breaches relating to remuneration structures. Concurrently, the claims disputes have doubled since 2018. The Commissioner has urged indust...

This week on the Weekly Insurance News Wrap, we discuss impactful rulings that shape the Australian insurance industry. Key updates include the Australian Financial Complaints Authority (AFCA) siding with Insurer IAG in a contentious case dealing with a $2000 policy excess, a pointer toward extra charges for high claim occurrences. AFCA also ruled on a disputed car insurance claim, a reminder to k...

In this week's insurance news wrap, the Australian Financial Complaints Authority (AFCA) made a crucial ruling on a disputed car insurance payout case, favoring the policyholder's authority but emphasizing transparency in shared asset insurance policies. On another front, the Australian Prudential Regulation Authority (APRA) has unveiled its new initiative targeting home insurance affordability is...

This week's podcast covers significant developments in Australia's insurance industry. The Australian Financial Complaints Authority upheld insurer IAG's decision to deny a disputed car insurance claim, demonstrating the power held by the policyholder, despite ownership. The Australian Prudential Regulation Authority (APRA) is partnering with insurers, government agencies, and the private sector t...

In this Weekly Insurance News Wrap, we cover key updates in the insurance sector. A decisive ruling by the Australian Financial Complaints Authority (AFCA) supported the insurer's rejection of a $55,950 car insurance claim, emphasizing the importance of precise communication in shared asset insurance policies. Home insurance affordability is another concern, with Australian Prudential Regulation A...

This week's insurance industry podcast update discusses ongoing issues in the Australian direct life insurance sales practices, with the Australian Securities and Investments Commission (ASIC) warning of potential conflicts of interest. Despite adjustments, volume of sales is still stressed over consumer wellbeing, which may lead to industry investigations. The podcast also mentions a joint call t...

The Weekly Insurance News Wrap, hosted by Paige Estritori, highlights key recent developments in the Australian insurance industry. Topics include the Australian Securities and Investments Commission's (ASIC) warning about a sales-focused approach in direct life insurance sales, despite a compliance-oriented shift. The podcast stresses ASIC's advocacy for a consumer-oriented approach that emphasis...

In this week's podcast, Paige Estritori discusses key insurance developments in Australia. The Insurance Council of Australia is supporting a new initiative in Victoria to fortify homes against climate change, echoing schemes in Queensland and New South Wales. An incident involving Hollard Insurance highlights details of refused claims when the in-car technology revealed two collisions instead of...

This podcast summary from Financial Services Online discusses key recent insurance developments in Australia. Highlights include the Insurance Council of Australia's (ICA) backing of the proposed Resilient Homes Initiative in Victoria for improved flood modelling and risk management. Legal news outlines rulings from the Australian Financial Complaints Authority (AFCA), including a broker payout of...

In this episode of the Weekly Insurance News Wrap, Paige Estritori covers major cases from the Australian Financial Complaints Authority (AFCA) that highlight the importance of insurance brokers' diligence and the growing reliance on technology in insurance claims. Notably, a broker was ordered to pay nearly $300,000 for uninsured fire losses due to negligence, while advanced in-car technology foi...

This week's insurance roundup covers a range of pertinent issues, starting with a notable decision by the Australian Financial Complaints Authority (AFCA) to order a broker of the Community Broker Network to compensate a client $300,000 for uninsured fire losses due to negligent assured risk assessment. We also discuss a claim dismissed by AFCA and Hollard Insurance due to ambiguous event reportin...

This week's Insurance News Wrap by Financial Services Online features Hollard Insurance's refusal of a woman's claim due to contradictory evidence from digital in-car technology, highlighting the importance of honesty in claims. The Australian Securities and Investments Commission directs its attention towards the transparency of Professional Indemnity Insurance, following key issues identified in...

This week in Australian insurance, the Australian Securities and Investments Commission (ASIC) expresses concerns about transparency issues within professional indemnity insurance for Australian Financial Services Licenceholders. Due to inadequate coverage clarity and slow claims settlement procedures, ASIC plans to promote regulatory measures like the forthcoming updated Financial Advisers Regist...