Mon, 25th Nov 2024

This week on the Insurance News Wrap, Paige Estritori discusses key issues impacting the Australian insurance industry. Topics include a landmark Australian Financial Complaints Authority decision in favor of a driver involved in a beachside accident, which may change perceptions about "reckless driving". Post-earthquake insurance claim rejections in Muswellbrook, concerns of potential mishandling, and links to local mining pose questions likely to influence the industry's future disaster response. Regulatory concerns over new rules in automated decision making and AI, including proposed new privacy provisions, add to growing worry about compliance and data protection. Finally, a recent study by the Australian Prudential Regulation Authority underlines climate risk's significant impact on insurance underwriting, prompting calls for data-driven risk management and sustainable practices.n