Fri, 6th Sep 2024

In this episode of the Weekly Insurance News Wrap, Paige Estritori highlights several key developments in the Australian insurance sector. The Australian Financial Complaints Authority (AFCA) has supported Allianzs decision to reduce a payout in a car claim dispute following a misdescription infringement. Zurich Financial Services Australia announced the appointment of David Wainwright, a veteran finance expert, as the new Chief Risk Officer for Australia and New Zealand, effective from January 6, 2025. The AFCA dismissed a critical illness claim lodged by a woman following her breast cancer diagnosis falling just outside her policy's eligibility period, emphasizing the need for continuous coverage. Lastly, an unnamed insurer was required to reimburse over 900 policyholders after breaching claims processing timelines within the Life Insurance Code of Practice, leading to improved compliance and customer service standards.