Mon, 11th Aug 2025

In this week's roundup, we cover a major update from the Victorian courts where Suncorp settled a class action costing $34m on misconstrued add-on insurance products. They plan to provide victims with monetary relief in the following year. Meanwhile, research from Victoria University suggests that the abolishment of insurance and stamp duties in Australia could lead to higher insurance uptake and increased economic productivity. In business news, the Australian Financial Complaints Authority issued a landmark verdict in favor of a policyholder over QBE in a machinery damage dispute, stressing accurate claims assessments. Lastly, IVAA Claims, a Brisbane-based company focused on fraud detection, won recognition in the Beyond the Buzzwords pitch competition for their promising tech that has safeguarded $2m against fraud. Tune in next week for more on Australia's insurance sector with Paige Estritori.n