Mon, 18th Aug 2025

This podcast summary from Financial Services Online discusses key recent insurance developments in Australia. Highlights include the Insurance Council of Australia's (ICA) backing of the proposed Resilient Homes Initiative in Victoria for improved flood modelling and risk management. Legal news outlines rulings from the Australian Financial Complaints Authority (AFCA), including a broker payout of $296,951 due to an incomplete policy application and an inadequate property assessment. There's also the rejection of a claim due to discrepant collision evidence, thanks to in-car technology. Facts uncovered by the Australian Securities and Investments Commission (ASIC) point to vague professional indemnity insurance stipulations and protracted claims resolution, signaling potential actions for improvements. For continuous updates and information, listeners are encouraged to visit the Financial Services Online website.