Fri, 15th Mar 2024

This episode of Insurance News Wrap provides critical updates on the Australian insurance industry, highlighting a landmark case of a vehicle owner succeeding against Suncorp in a disputed claim, with the Australian Financial Complaints Authority ruling the incident as theft. The episode also discusses the rising concern of cybercrime in the industry, encouraging innovation for cost-effective coverage amidst increasing concerns like climate change, economic fluctuations, and a spike in premiums. Drug influence related insurance policies receive attention as well through an Allianz Australia case. Lastly, the Insurance Council of Australia reveals a rise in insured losses up to $1.2 billion due to recent catastrophic weather events, with average claim from Cyclone Jasper significantly higher, underlining the enormity of financial implications associated with such calamities.