Sat, 13th Apr 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Sat, 13th Apr 2024" was published on April 12, 2024 and runs 3 minutes.

April 12, 2024 ·3m · Insurance News Wrap

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Summary

In this episode, Paige Estritori delivers a roundup of recent events in the Australian insurance sector. Discussed issues include a federal inquiry into insurance practices after the 2022 Queensland floods, with concerns raised about complex language, poor settlement offers, and neglect of vulnerable policyholders. There's a spotlight on the 9% increase in claims handling errors, suggesting a significant need for improved service and stricter rule adherence. Highlighted is the case of QBE and their delay in repairing a fire-damaged property leading to an additional payout of $65,000. As severe weather events cause more damage in Australia, the need for innovative climate mitigation strategies and more robust, fair insurance practices is underscored. Stay updated at financialservicesonline.com.au.

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