Mon, 13th May 2024

In this Weekly Insurance News Wrap, Paige Estritori covers significant updates from the Australian insurance sector. Firstly, the Australian Financial Complaints Authority (AFCA) ordered Lloyds Insurance to pay a $195,223 claim related to a medical emergency. The case involved an Australian tourist that required medical evacuation from Thailand. Secondly, Club Marine, an Allianz subsidiary, confirmed Tim Wiles as their permanent CEO. Wiles is focused on solidifying Club Marine's position as Australia's leading recreational boat insurance provider. Lastly, the New South Wales government has started a probe into strata management company Netstrata. The investigation follows an ABC report revealing high insurance brokerage fees and undisclosed benefits totalling over $21 million since 2015. Strata Community Associations Managing Director, Stephen Brell, has since resigned and Netstrata's business practices are under review.n