Mon, 1st Jul 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Mon, 1st Jul 2024" was published on June 30, 2024.

June 30, 2024 · Insurance News Wrap

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Summary

In this episode of "Weekly Insurance News Wrap", Paige Estritori shares the latest updates in the insurance sector. The National Insurance Brokers Association (NIBA) suggests potential changes to accelerate claim response times, shorten it from ten to five business days, and insists on regular updates every 20 days. NIBA also cautions against redefining small and medium enterprises (SMEs) to avoid confusion. Legal updates include a court ruling mandating Vero, QBE, and Star International to fulfill their obligations to Baralaba Coal Company despite policy expiration due to the incomplete first repair of their destroyed property. The judgement sets a clear expectation of insurer responsibilities in similar situations. The episode wraps up with a notice to stay informed of industry trends. For more, tune in to Weekly Insurance News Wrap via Financial Services Online.n

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