Insurance News Wrap

In this episode, Paige Estritori from Financial Services Online summarizes significant industry news relevant to Australian insurance consumers for the week of March 11, 2024. The podcast covers a denied insurance claim due to drug influence, Mother Nature's significant impact on the insurance industry causing a total insured loss of $1.2 billion, and the current satisfaction rate of 87% of client...

This week's update from Financial Services Online covers crucial happenings in the Australian insurance landscape. Top stories include the denial of a car insurance claim by Allianz Australia due to methamphetamine use, a stern reminder about substance impact on insurance validations. The Insurance Council reports $1.2 billion in weather-related losses due to recent floods and Cyclone Jasper, with...

This podcast highlights key developments in Australia's insurance sector. Damages from Cycline Jasper and severe floods have caused insured losses to spike to $1.2 billion, according to the Insurance Council of Australia. Insurance brokers are thriving with an 87% client satisfaction rate, despite economic uncertainties and disaster threats. Clients demand transparency and full coverage insurance...

This episode of the Weekly Insurance News Wrap explores a week fraught with challenging developments and innovative solutions in the insurance industry. Amidst economic adversities, insurance brokers have proven invaluable, securing an 87% client satisfaction rate. Notably, 76% of businesses are seeking full coverage in these uncertain times leaving brokers as key advisers in navigating complex in...

In this episode of Weekly Insurance News Wrap, Paige Estritori discusses key insights related to the Australian insurance industry. The show starts with highlighting how Australian insurers grapple with unpredictable risks including rising cyber threats, climate changes and regulatory shifts; and reveals their preparedness is now below the global average. The episode then sheds light on the financ...

In this week's Insurance News Wrap, we covered the 3% rise in private health insurance premiums due to start in April. Health Minister, Mark Butler, ensured this aligns with the previous year's wage increase, benefitting Australians with private coverage. We also highlighted advancements in cyber insurance. Emergence Insurance is offering free advisory services for smaller businesses and tailor-ma...

In this week's news from Financial Services Online, Emergence Insurance is boosting cyber security for businesses, offering free advisory services and waiving excess for businesses under $25 million revenue. ASIC's stance against funeral insurance provider, Youpla Group, endorsed by Full Federal Court of Australia for Indigenous ownership misrepresentation. In a win for customer rights, HDI Global...

On this week's Insurance News Wrap, a rural homeowner wins a major settlement of $42,000 over a failed roof repair, underscoring the significant role of customer advocacy regulations in Australia. Optimistic news in the financial sector as ClearView Wealth makes a successful venture into life insurance, with profits rising by a third and ambitious targets set for the following three years. However...

In this episode of the Weekly Insurance News Wrap, Financial Services Online delves into top stories impacting the insurance sector. A landmark case involving the Australian Financial Complaints Authority saw a rural homeowner awarded $42,000 and an additional $2,000 compensation for emotional distress after a disputed roof repair job. In corporate news, ClearView Wealth, focusing solely on life i...

This podcast covers a wide range of topics, including an important case where a rural customer was awarded $42,000 in compensation for subpar roof repairs, a move that highlights the power of the Australian Financial Complaints Authority and the obligations of insurance providers. It covers ClearView Wealth's successful transition to life insurance, resulting in a 32% boost in underwriting profits...

This podcast summary from Financial Services Online covers crucial topics in Australia's financial industry. ClearView Wealth is in the spotlight, with a strategic shift to life insurance yielding a notable 32% rise in underwriting profits and new business growth of 55%. The company aims to reach a $400 million inforce premium in the coming three years. The Association of Superannuation Funds of A...

This week's Insurance News Wrap includes the victory of a small northern NSW butcher over QBE Insurance following a dispute over stock spoilage during the Northern Rivers floods. Regulatory changes have led to a 36% fall in life insurance coverage through super funds, resulting in fewer Australians having this safeguard and a loss of A$655 million in death benefit claims in the last fiscal year. A...