Fri, 26th Jul 2024

In this weekly update from Financial Services Online, several major stories in the Australian insurance industry were discussed. A rare car owner's attempt to increase his insurance payout was denied due to the car's high mileage and unique modifications, highlighting the importance of accurate valuation. Next, reforms in the financial advice sector will require brokers to get consent before charging commissions and allow the use of superannuation funds to cover personal finance advice costs. Concerns arise as a massive 78% of renters in Queensland lack contents insurance, demanding increased education on its benefits. Finally, Aycon Constructions faced a historic fine for using fake insurance certificates, underscoring the need for consumers to verify insurance documentation.