Fri, 9th May 2025

In this week's episode of Financial Services Online's Weekly Insurance News Wrap, we discuss big developments in the insurance industry in Australia. The Insurance Brokers Code Compliance Committee is advocating for increased transparency and protections for small businesses regarding insurance renewals and claims. They're recommending frequent updates on claims status and early policy renewal notifications. They also propose a "named reporting" system for breaches to improve industry standards. Discussion also focuses on the response to recent Cyclone Alfred and the struggles of businesses to get damage claims recognized, highlighting the role of the Insurance Council of Australia. In addition, the Australian Financial Complaints Authority recently rejected a motor insurance claim, underscoring the importance of understanding coverage limitations. Lastly, talks are ongoing regarding concerns over broker commissions potentially causing conflicts of interest.n