Mon, 15th Apr 2024

This episode of the weekly insurance roundup with Paige Estritori from Financial Services Online highlights key developments in the insurance industry. The podcast discusses the pressing issue of Queensland residents struggling to understand complicated insurance jargon and dealing with unsatisfactory settlement offers because of the floods in 2022. It also highlights the financial impacts of natural disasters, showcasing figures from Aon that show a steep increase in Australian damage costs due to Cyclone Jasper and subsequent flooding. Moreover, policyholders are not receiving consistent loss evaluations, underscoring the need for improved transparency and fairness. The episode ends on a call to action for insurers and financial services to bolster their compliance models, following a report showing a 9% increase in compliance obligation breaches. The final story cites a case where the Australian Financial Complaints Authority held QBE accountable for extensive repair delays.n