Mon, 3rd Jun 2024

In this episode of the Weekly Insurance News Wrap, host Paige Estritori presents key issues from the week. The Australian Financial Complaints Authority (AFCA) is pushing Insurance Australia Group (IAG) to reassess a claim from a driver suffering significant water damage, which was initially denied due to alleged late submission and lack of evidence. IAG has been penalized by AFCA in the wake of the driver's vulnerable circumstances. Furthermore, Australian law firm Slater and Gordon has filed a class action against SGIO, RACV and SGIC, alleging exploitation of long-standing customers using deceptive discounts with the help of an intricate algorithm. Lastly, proposed changes to emergency services funding in New Zealand might lead to considerable levy increases on commercial properties, thus potentially facilitating non-insurance. More news and services can be found on financialservicesonline.com.au.n