Sat, 18th May 2024

In this week's Insurance News Wrap, we explore Australia's weak life/risk insurance market, which saw only a 0.4% increase in total risk premiums, according to Dexx&r research. Highlighting a shift in the sector, disability businesses experienced an atypical growth of 7.3%. However, the group insurance saw a 1% drop. The episode also covers residents of western Melbourne's complaints about insurance firms' handling of the 2022 floods, leading to demands for better disaster management and clearer communication. In response, Allianz has restructured its flood insurance to offer clearer coverage and expedited claims. Lastly, we discuss a significant victory for an Australian tourist, who won a $195,223 claim for an emergency air ambulance service from Bangkok, despite initial refusal by Lloyd's Insurance, reflecting the importance of protecting policyholders in emergencies.n