Mon, 5th Aug 2024

In this week's insurance news, the Australian Financial Complaints Authority (AFCA) denied a property owner's plea for additional compensation for fire damage from Hollard Insurance due to underinsurance, affirming the issued settlement of $415,937 as fair. Also, Australia's 'tradie' culture is transitioning towards safety and professionalism, positively affecting morale and productivity. The AFCA also dismissed two earthquake claims for farmhouses outside the main disaster zone due to pre-existing faults, upholding Allianz's position. Lastly, Suncorp Group is boosting its reinsurance protection limit to $6.75 billion, leading to a rise in insurance premiums across Australia and New Zealand, yet ensuring their expenditure remains stable. They have also altered retention costs for multiple events and plan to increase coverage following a bank sale completion.n