Mon, 31st Mar 2025

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Mon, 31st Mar 2025" was published on March 30, 2025.

March 30, 2025 · Insurance News Wrap

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Summary

The latest episode of 'Weekly Insurance News Wrap' brought crucial updates on Australia's insurance industry. There was a landmark ruling against Chubb Insurance by the Australian Financial Complaints Authority, forcing them to replace vandalized hoist ropes in an apartment block that suffered water damage. The NSW Government proposed a bill to counteract 'claim farming', an unethical practice pressuring vulnerable individuals into filing compensation claims. The Royal Automobile Association of South Australia announced a technological transformation using OnDemand cloud platform from Duck Creek to modernize their motor and home insurance systems. The episode also highlighted criticism from consumer advocacy groups of insurers for their pricing practices, termed "poverty premiums" and "loyalty taxes". The week's wrap up ended with an industry pledge to work closely with all stakeholders for better customer experiences.

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