Fri, 28th Mar 2025

This week on Financial Services Online, Paige Estritori discusses major insurance news. The Australian Financial Complaints Authority ruled in favor of property owners in a lift vandalism dispute against Chubb Insurance, a decision set to impact future similar cases. Meanwhile, the New South Wales government targets claim farming by introducing the Claim Farming Practices Prohibition Bill 2025, which aims to protect individuals from unsolicited inducements to file claims, backed by a potential ten-year prison sentence. Additionally, the Royal Automobile Association of South Australia readies for a significant tech upgrade via Duck Creeks OnDemand cloud platform. Finally, a brewing debate over 'poverty premiums' and 'loyalty taxes' places the customer experience at the center of criticism, as the Insurance Council of Australia defends these practices against advocates demanding fair pricing structures. Stay tuned for more comprehensive coverage on Australian financial market.