Mon, 1st Apr 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Mon, 1st Apr 2024" was published on March 31, 2024 and runs 2 minutes.

March 31, 2024 ·2m · Insurance News Wrap

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Summary

This podcast by Paige Estritori on behalf of Financial Services Online is a roundup of weekly insurance news. It discusses Australia's insurance sector's increasing reliance on AI, with 90% of businesses adopting the technology, primarily for claim resolution and risk assessment. Also highlighted is a significant increase in weather-related claims at NRMA Insurance due to harsh summer conditions, especially storms and hail. Despite this, only 40% of Australians have put protective measures in place for their homes. The podcast touches on a landmark Federal Court decision supporting Auto & General's policy clause requiring policyholders to report substantial changes to their coverage, thereby preserving insurers' rights to refuse claims if risks exceed their limit. The podcast wraps with the message of staying safe and covered.n

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