Insurance News Wrap

This week's episode of Weekly Insurance News Wrap discusses fresh data revealing a rise in life insurance coverage in Australia, a troubling knowledge gap surrounding fully underwritten policies, and various rulings by the Australian Financial Complaints Authority (AFCA). We delve into NobleOak's recent report noting an increase in life insurance uptake among 30 to 60-year-olds, up from 55% to 60%...

In this episode of the Weekly Insurance News Wrap, we discuss current matters in the insurance sector, ranging from life insurance trends to significant decisions by the Australian Financial Complaints Authority (AFCA). The report from NobleOak shares that an increasing 60% of Australians aged 30-60 now have life insurance, a surge from 55% last year. It also notes a persisting gender gap in finan...

In this week's episode, Paige Estritori discusses a report from NobleOak Life Insurance showing an increase in life insurance coverage among Australians aged 30 to 60, though only 30% of survey respondents are knowledgeable about fully underwritten policies, indicating a need for further consumer education. In other news, the Australian Financial Complaints Authority (AFCA) rules in favor of claim...

In this edition of the Weekly Insurance News Wrap, Paige Estritori discusses two significant rulings by the Australian Financial Complaints Authority (AFCA). The first relates to a disputed vehicle damage claim between QBE Insurance and a company director, where AFCA authorised temporary halt to the claim and sale of the involved Audi car, pending further evidence submission by the director. The s...

This episode of the Weekly Insurance News Wrap on Financial Services Online focuses on the latest developments in Australia's insurance industry. The Australian Financial Complaints Authority(AFCA) recently made key decisions in two complex cases. They supported QBE Insurance's hold on a claim involving a disputed car crash and the auction of the disputed vehicle. Despite the contentious progressi...

In this episode of Financial Services Online's Weekly Insurance News Wrap, host Paige Estritori shares three significant insurance industry stories from Australia. An important Australian Financial Complaints Authority (AFCA) ruling on a contested case of a stolen car highlighted the importance of concrete proof for insurance fraud accusations. The insurer, Auto and General Services, must now hono...

In this episode of Paige Estritori's financial sector podcast, coverage centered largely on insurance industry news. The Australian Financial Complaints Authority dismissed fraud allegations against Auto & General Services, in a case reminding insurers of the importance of properly backed allegations. Meanwhile, Asgard, Westpac's investment platform, announced significant hikes in premiums in resp...

In this episode, Paige Estritori from Financial Services Online discusses the latest developments in Australia's insurance industry. She starts with Asgard, Westpac's investment platform, announcing a significant increase in insurance premiums, due to rising claims and operational costs. Changes will take effect from July 1st, 2025. ClearView's transition into a pure play life insurance company is...

This podcast by Paige Estritori from Financial Services Online covers major updates in the Australian insurance industry. Westpac's investment platform, Asgard, is set to increase insurance premiums due to rising costs, affecting clients with Asgard Personal Protection Packages. Meanwhile, ClearView has transitioned to a life insurance company, planning to strengthen ties with Independent Financia...

This week's insurance market update from Financial Services Online with Paige Estritori highlights significant developments in Australia's insurance sector. Asgard, Westpac's investment platform, announced a steep increase in insurance premiums due to rising claims and operational costs – changes that will take effect on the first of July. Meanwhile, ClearView has cemented its position as a life i...

In this episode, Paige Estritori shares important updates in the insurance sphere. Major investment platform Asgard, part of Westpac, announces a significant insurance premium increase, ranging from 0.7% to 94.6%. The adjustment, linked to rising operational costs and claims, will affect client portfolios from July 1. Simultaneously, ClearView makes strides post-exiting the wealth management secto...

In this week's Insurance News Wrap, Paige Estritori discusses ClearView's shift to become a life insurance company, leaving wealth management behind. The company witnessed a 95% surge in gross premium income, owing to its strong ties with independent financial advisers (IFAs). Additionally, ClearView invested $100 million in its ClearChoice technology platform, migrating to a cloud-based model set...

This episode of the Weekly Insurance News Wrap by Financial Services Online discusses the latest trends in the Australian insurance industry. It highlights a survey by NobleOak showing that amidst financial instability, more Australians are prioritizing life insurance, with its uptake climbing to 60% in January. The episode also notes the increasing priority of income protection insurance, and the...

Paige Estritori's weekly podcast for Financial Services Online unveils the Insurance Brokers Code Compliance Committee's call for greater transparency and reform in the Australian insurance industry. Central to their recommendations is enforcing claims timelines with regular updates, extending policy renewal notifications, and increasing protections for small business clients. To increase accounta...

In this episode, Paige Estritori from Financial Services Online discusses key insurance sector updates. Firstly, the Insurance Brokers Code Compliance Committee is advocating for significant reforms in transparency and timeline standards in the sector, targeting improvements in client understanding, trust and preventing coverage lapses. Recommended changes include stricter timelines for claims upd...

In this episode of Financial Services Online's weekly insurance news wrap, Paige Estritori discusses significant developments in Australia's insurance industry. The Insurance Brokers Code Compliance Committee is advocating for industry reforms including stricter claim update timelines and extended policy renewal notifications to enhance trust and client decision-making. The aftermath of Queensland...

In this podcast, Paige Estritori discusses major issues in Australia's insurance industry on behalf of Financial Services Online. The Insurance Brokers Code Compliance Committee is pushing for sharper transparency and improved protection for small business clients with more frequent claim updates and policy renewal notifications. Amidst the aftermath of Cyclone Alfred, insurers face criticism for...

In this week's episode of Financial Services Online's Weekly Insurance News Wrap, we discuss big developments in the insurance industry in Australia. The Insurance Brokers Code Compliance Committee is advocating for increased transparency and protections for small businesses regarding insurance renewals and claims. They're recommending frequent updates on claims status and early policy renewal not...

This Weekly Insurance News Wrap, hosted by Paige Estritori, brings critical updates on insurance topics. The Insurance Brokers Code Compliance Committee recommends industry reforms, aiming to increase transparency and protect small businesses, by enforcing stricter timelines for claim updates and renewal notifications. The handling of flood claims by insurers in Hervey Bay, Queensland, post Cyclon...

In this week's Insurance News Wrap, Paige Estritori discusses major happenings in the Australian insurance industry. The Insurance Brokers Code Compliance Committee advocates for reforms to increase transparency and protect small businesses. This involves stricter procedures for claims updates and policy renewals. In Hervey Bay Queensland, the Insurance Council of Australia responds to Cyclone Alf...

In this episode, Paige Estritori of Financial Services Online discusses insurance developments in Australia. David Lee, a Queensland parliament member criticized insurers' response to Cyclone Alfred and the impact on businesses in Hervey Bay. Meanwhile, the Australian Financial Complaints Authority (AFCA) rejected a claim for engine theft due to insufficient proof of ownership. The episode further...

This week's podcast from Financial Services Online, presented by Paige Estritori, highlights numerous key insurance issues. Topics include an Australian Financial Complaints Authority (AFCA) decision denying a motor policyholder their engine theft claim under an IAG policy due to lack of ownership evidence and specific coverage provisions. Subsequently, the Australian Competition and Consumer Comm...

This episode of the Weekly Insurance News Wrap discusses key updates in Australia's insurance sector, including the Australian Competition and Consumer Commission's (ACCC) opposition to broker commissions tied to premiums, prompting industry-wide debate on broker transparency and commission structure. Other developments include Auto & General Services being ordered by the Australian Financial Comp...

This week's 'Insurance News Wrap' discusses key updates from the Australian insurance industry. The Australian Competition and Consumer Commission (ACCC) strengthens its stance against broker commissions, advocating for further transparency in practices. A 'slow leak' insurance dispute leads to a reevaluation of policy language and documentation processes to better deal with gradual damage claims....

In this weeks episode, we cover significant rulings by the Australian Financial Complaints Authority (AFCA), industry advancements, and economic trends affecting insurance. AFCA's recent decisions have set new precedents for how gradual damage claims and non-traditional family relationships are approached in insurance policies, pushing for clarity and inclusiveness. A new standard, AS-IICRC S500,...