Sat, 13th Apr 2024

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.