Fri, 2nd May 2025

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Fri, 2nd May 2025" was published on May 1, 2025.

May 1, 2025 · Insurance News Wrap

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Summary

In this weeks episode, we cover significant rulings by the Australian Financial Complaints Authority (AFCA), industry advancements, and economic trends affecting insurance. AFCA's recent decisions have set new precedents for how gradual damage claims and non-traditional family relationships are approached in insurance policies, pushing for clarity and inclusiveness. A new standard, AS-IICRC S500, is improving water damage claims handling, fostering better collaboration and efficiency among parties involved. On a broader note, Australia's rising cost of living continues to be impacted by soaring insurance premiums, outpacing inflation, largely due to weather-related claims. The Climate Council reports average annual losses of $4.5 billion, emphasizing the need for policy measures and collaboration to ensure insurance remains affordable. Stay informed, read the fine print, and don't hesitate to consult experts.n

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