Insurance News Wrap

On this week's Insurance News Wrap, Paige Estritori discusses a study revealing 78% of Queensland renters lack contents insurance, putting them at significant financial risk. She covers RACQ Insurance's urge for increased educational initiatives about affordable insurance options for renters. Estritori also reports on a record fine issued to Aycon Constructions by the Victorian Building Authority...

This podcast covers major developments in the Australian insurance industry from last week. Highlights include Suncorp's announcement of its third Reconciliation Action Plan to enhance economic opportunities for First Nations people; HCF's partnership with Allianz to expand home and motor insurance offerings; Liberty Mutual Insurance Group's unit, LM Re, outlining expansion plans in Australia and...

In this week's Insurance News Wrap, Paige Estritori discusses stern actions taken against fraudulent activities in the construction industry, with the Victorian Building Authority issuing a record $250,000 fine to Aycon Constructions and its director, Seyit Ayranci. Other topics include the expansion of Liberty Mutual Insurance Group into Australia with a dedicated branch, the broadening of insura...

In this week's recap of insurance news, Aycon Constructions and its director Seyit Ayranci were dealt a hefty fine by the Victorian Building Authority for using fake insurance certificates. Liberty Mutual Insurance Group bolstered its presence in the Australian market through its unit LM Re, helmed by Mark De La Mare of Aon. The health fund HCF joined forces with Allianz in a unique move to offer...

On the Weekly Insurance News Wrap, Paige Estritori discussed key developments in the insurance industry. The non-profit health fund HCF expanded its partnership with Allianz, adding home and motor insurance offerings to its portfolio. This move aims to meet the needs of members aged 25 and over for affordable insurance. Suncorp launched its third Reconciliation Action Plan (RAP) aiming to provide...

In this week's Financial Services Online Podcast, Paige Estritori highlights a handful of key stories. Firstly, Suncorp has launched its third Reconciliation Action Plan, aiming at racial reconciliation, economic equity, and creating more accessible insurance solutions for Indigenous Australian communities. Secondly, the Australian Financial Complaints Authority ruled in favor of a homeowner in a...

Join Paige Estritori for top financial updates. Suncorp demonstrates commitment to Indigenous Australians with its third Reconciliation Action Plan till 2026, shaping insurance services to fit their needs. Experiencing home damage from an errant water leak? An Australian homeowner won a similar dispute. AFCA dismisses Hollard Insurance's long-term soil issue claim, leading them to cover repair cos...

In this episode of the Weekly Insurance News Wrap with Paige Estritori, key developments from the Australian insurance industry were discussed. The Australian Financial Complaints Authority ruled in favour of a homeowner in a ground movement damage dispute, highlighting the critical role of independent reviews in claim settlements. The podcast also covered QBE's innovative improvements in claims h...

In this week's Financial Services Online podcast, Paige Estritori discusses key insurance industry strategies and developments. The Australian Financial Complaints Authority (AFCA) upheld a homeowner's ground movement damage claim related to a water main leak, leading to an order for Hollard Insurance to cover repair costs. Meanwhile, QBE continues to innovate claims handling, utilizing lessons fr...

In this podcast episode from Financial Services Online, the focus is on recent insurance industry developments, including QBE's efforts to improve claims handling and risk management following the 2022 floods. QBE now uses geospatial technology for faster commercial claim resolution and enhances customer experience through a new property health check program for residential claims. Another topic i...

In this episode of the Weekly Insurance News Wrap: a proposition for insurance companies to allocate 1% of home insurance premiums towards a resilience fund. This potentially yields a hundred million dollars annually, offering relief to those finding insurance unaffording due to property issues. The episode also highlights an intriguing story about a denied homeowners compensation claim due to the...

In this edition of the Weekly Insurance News Wrap, Paige Estritori discusses key insurance news. A homeowner's claim for a supposed 'sinkhole' was determined by QBE Insurance and the Australian Financial Complaints Authority to be an old well, not covered by their policy. However, QBE did grant compensation for some property damage and claim processing delays. Financial advisers face increased lev...

In this podcast, Paige Estritori provides a weekly insurance news wrap for Financial Services Online. Highlights include an ongoing investigation into the October 2022 floods in Northern Tasmania, which resulted in substantial insured losses, totaling $884 million. The response from the insurance sector to these floods is under review, with a final report expected by September 30th, 2024. The upda...

On this episode of the Weekly Insurance News Wrap, we discuss disturbing revelations in the Australian strata sector, where excessive broker fees and questionable practices have sparked calls for stronger ethical standards. Renowned strata broker specialist, Tyrone Shandiman, criticised these fees and also the role of strata managers in profiteering from such instances. In response to industry mal...

This episode of the Weekly Insurance News Wrap covers issues within the Australian insurance industry from high broker fees to policy obligations. Broker Tyrone Shandiman speaks up about unethical practices and calls for reform, which prompts regulatory changes from the NSW government. The National Insurance Brokers Association (NIBA) advocates for quicker response times to insurance claims and re...

In this episode of "Weekly Insurance News Wrap", Paige Estritori shares the latest updates in the insurance sector. The National Insurance Brokers Association (NIBA) suggests potential changes to accelerate claim response times, shorten it from ten to five business days, and insists on regular updates every 20 days. NIBA also cautions against redefining small and medium enterprises (SMEs) to avoid...

In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses key updates from the Australian insurance industry. Notably, the National Insurance Brokers Association (NIBA) has challenged insurers to reduce response times on claim inquiries from 10 to 5 days to improve customer satisfaction, and proposes that claim updates should be given every 20 days. NIBA also cautions against re...

This week's episode of the Weekly Insurance News Wrap, presented by Paige Estritori for Financial Services Online, discusses key insurance industry updates from Australia. The National Insurance Brokers Association (NIBA) is urging insurers to respond to claim inquiries faster by reducing the current waiting period from ten business days to just five. The Insurance Brokers Code Compliance Committe...

This week's Insurance News Wrap highlights a landmark court case shaping the Australian insurance industry. Justice Sarah Derrington ruled that insurance giants Vero, QBE, and Star International must fulfill their obligations towards Baralaba Coal Company despite policy expiration. This action traces back to a failed radial coal stacker which was repaired but subsequently collapsed. Despite insure...

In this week's edition of the Weekly Insurance News Wrap, host Paige Estritori discusses key developments in Australia's insurance sector. The Federal Court ruled that Vero, QBE, and Star International must fulfill their obligations to the Baralaba Coal Company despite policy expiration, covering additional repair costs for the uncompleted repairs of a radial coal stacker. Separately, the New Sout...

In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses significant developments in the Australian insurance industry. First, she covers a pivotal Federal Court ruling directing insurance companies Vero, QBE, and Star International to fulfill their obligations to Baralaba Coal Company for additional repair costs, even post-policy expiration. This enforces the responsibility of...

In this episode of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori discusses recent significant changes in the Australian insurance sector. The New South Wales Government has announced a $5.7 billion allocation for disaster prevention in the 2024-25 budget – a strong push for sustainable safety. Additionally, the government intends to modify the Emergency Services Levy to a...

In this week's episode, host Paige Estritori discusses the latest updates regarding insurance in New South Wales and Victoria. In NSW, the 2024-25 budget earmarks $5.7 billion for disaster prevention, intending to make insurance more affordable through a policy shift from the emergency services levy to a property levy-based system. This move is expected to decrease premiums and is commended by the...

In this weekly insurance news wrap, Paige Estritori covers significant updates and trends. The Minns government of New South Wales (NSW) is shifting towards resilience and financial relief through a $5.7 billion budget allocation for disaster prevention, making insurance affordable with reforms to the emergency services levy. There is also increased funding for Resilient Homes and Lands Programs t...

This episode of Financial Services Online's Weekly Insurance News Wrap discusses key developments in Australia's insurance sector. The New South Wales government, in its 2024-25 budget, is changing the emergency services levy to a property levy basis, aiming to reduce insurance premiums. This change has been praised by the Insurance Council of Australia and the Insurance Australia Group. Additiona...