Insurance News Wrap

This week's insurance news courtesy of Financial Services Online saw the Australian Financial Complaints Authority dismiss a homeowner's claim against broker Aon for advice about emergency tree removal coverage. In global finance, insurance companies lead in sustainability transformation trends, with Australia achieving a top score of 120. Additionally, 360 Underwriting Solutions introduced 360 Sc...

In this week's Insurance News Wrap, Paige Estritori shares insights on 360 Underwriting Solutions' innovative new product, '360 School Fee Protect.' Backed by Lloyds Syndicate 4444 and Canopius Managing Agents, it offers financial resilience to schools against unpaid fees caused by unforeseen events like job loss, accidental death, or disability. Next, the resolution of a complex travel insurance...

In this episode of the Weekly Insurance News Wrap, we discuss three main topics. First, we examine the recent innovation of 360 School Fee Protect by 360 Underwriting Solutions, which offers insurance to schools against unpaid fees and shows noticeable advancement in the education financing sector. Then we spotlight a specific case involving HDI Global Specialty and the Australian Financial Compla...

This podcast covers recent developments in the Australian insurance industry. Updates include a successful travel insurance claim wherein the Financial Complaints Authority advocated for clearer policy terms after a tourist's bag was stolen. In insurance broking, changes are pushed by the Insurance Brokers Code Compliance Committee for mandatory disclosures to small businesses, aiming for transpar...

This week's edition of Insurance News Wrap covers major updates in Australia's insurance industry. The podcast discusses the increasing demand for greater transparency and adherence to conduct codes within insurance broking. The icare state insurance provider is rolling out significant changes to enhance efficiency and reduce service costs, although it may lead to job losses. A controversial case...

This episode of the Insurance News Wrap provides an overview of key issues affecting the Australian insurance market. The Insurance Brokers Code Compliance Committee has called for greater broker remuneration transparency and is urging mandatory disclosures for small businesses, prompting broker association NIBA to revisit its 2024 code revision. In governance news, significant shifts in operation...

In this week's Insurance News Wrap, Paige Estritori discusses pressure on insurance brokers for more revenue transparency, especially towards small businesses. She covers upcoming major structural changes at icare, the state-managed insurance provider, aimed to boost efficiency and minimize service costs. Paige also highlights a case in trauma insurance where a severe injury claim was refused due...

The Weekly Insurance News Wrap discusses key developments in the insurance landscape. Updates from New South Wales insurer, icare, outline major changes in efficiency, service costs, and governance with changes potentially impacting 130 jobs. A case study details the complexities of trauma insurance claims following a Clearview Life Assurance case. IAG insights highlight the transformative potenti...

In this week's Insurance News Wrap, significant changes are coming to icare following an Operational Expenditure Review by New South Wales Treasury, potentially impacting up to 130 jobs and saving the company an estimated $23 million annually. A case regarding Clearview Life Assurance denying a trauma insurance claim raises questions about the complexities of this type of insurance and communicati...

In this episode of the 'Weekly Insurance News Wrap', Paige Estritori addresses several major stories within the insurance industry. Significant changes are coming to NSW's icare, following a review revealing issues in governance, culture, and accountability. At considerable cost savings, the reforms include revising the State Insurance and Care Governance Act 2015 and restructuring of the CEO's ro...

In this week's Financial Services Online Insurance News Wrap, we discuss the increasing influence of AI within the insurance industry, with claims processing potentially revolutionizing over the next five years. Willem Paling of IAG compares AI's impact to breakthrough technologies like the internet and mobile phones and predicts AI's potential to refine processes, lower costs, and boost customer...

This podcast provides a comprehensive update on the recent events of the Australian insurance sector for the last week of September 2024. Noteworthy developments include record high profits for Western Australia's RAC, attributed to increased premium income despite concerns over the resultant cost burden for consumers. The National Insurance Brokers Association pledges stronger compliance to new r...

In this episode, Paige Estritori of Financial Services Online covers updates in the Australian insurance scene this week. We consider a surge in breaches reported by insurance brokers due to new regulations, following adjustments promoted by the National Insurance Brokers Association. Secondly, 360 Commercial Motor is improving their service by launching an internal claims team and implementing te...

In this week's update from Financial Services Online, we discuss critical happenings in Australias insurance sector. The National Insurance Brokers Association (NIBA) is strengthening compliance standards due to a reported increase of breaches by 63%, including significant remuneration disclosure breaches. In vehicle insurance, 360 Commercial Motor is enhancing claims management with a new in-hous...

In this week's Financial Services Online podcast, Paige Estritori covers several important topics in Australia's insurance industry. Firstly, the Federal Court's decision to dismiss group business interruption claims related to COVID-19, urging policyholders to file claims individually instead. Secondly, AAMI's Decade of Driving report highlights road safety issues, revealing that male drivers and...

This weeks Insurance News Wrap looks at significant happenings in the insurance industry. The Federal Court dismissed class actions against four insurers for COVID-19 business interruption claims, mandating policyholders to file individual claims. The AAMI's Decade of Driving Report sees Australias male drivers cause 54% of road accidents, while the over 65s contribute 26%. The report calls for on...

This episode of the Weekly Insurance News Wrap discusses recent updates from the insurance industry. Highlights begin with the Federal Court's decision to dismiss class actions related to the COVID-19 business interruption claims against four major insurers, implying policyholders will have to file claims individually. The appeal period is still ongoing. Further, AAMI's Decade of Driving Report ha...

In this week's Insurance News Wrap, the Australian Securities and Investments Commission (ASIC) proposes a comprehensive reform in insurance and financial product distribution, highlighting significant failures in due diligence and poor consumer questionnaires. They have initiated five civil proceedings and issued over 80 stop orders since October 2021. Additionally, the federal government has ban...

In this week's insurance update, the Australian Securities and Investments Commission has urged insurance and financial product providers to improve distribution practices, following serious compliance issues. Additionally, a proposal by the federal government to ban genetic test results in life insurance underwriting has received widespread endorsement as a step towards preventing genetic discrim...

In this week's update, the Australian Securities and Investments Commission (ASIC) urges insurance and financial product issuers to revamp their distribution practices due to significant deficiencies found in their systems. Meanwhile, a federal government decision to ban the use of genetic test outcomes in life insurance underwriting has drawn broad support. Concern rises as home insurance premium...

This episode of the Weekly Insurance News Wrap from Financial Services Online, hosted by Paige Estritori, discusses key developments in the Australian insurance industry. The Australian Securities and Investments Commission calls for a revamp in insurance and financial products distribution after a review found potential compliance issues. There's also support for a federal government ban on the u...

In the recent episode of Financial Services Online's "Weekly Insurance News Wrap", Paige Estritori covers key insurance industry news as of September 19, 2024. A landmark federal government decision bans considering genetic test outcomes in life insurance underwriting, marking significant progress against genetic discrimination. However, the Actuaries Institute notes a concerning trend of rising h...

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This week's edition of 'Financial Services Online's Insurance News Wrap' covers recent changes in Australia's insurance landscape. Major insurance companies are sustainability adapting underwriting, investment and risk management policies in response to climate change. Many companies are considering business interruption insurance due to the financial impact of extended lockdowns. There are potent...

This episode of "Weekly Insurance News Wrap" addresses key trends in the insurance industry. Paige Estritori discusses the implications of autonomous vehicles (AVs) for the insurance sector. A shift in liability from drivers to manufacturers and developers is highlighted, following insights from Howden Re's 'Shaping the Future of Risk' report. The potential for more complex accident assessments, h...