Sat, 1st Jun 2024

This episode of the Weekly Insurance News Wrap dives into two major stories affecting the insurance industry in Australia and New Zealand. Under scrutiny are major insurance firms, SGIO, RACV, and SGIC, part of the Insurance Australia Group, as they face a lawsuit by Slater and Gordon. The case alleges they deceived long-standing customers into thinking they were receiving loyalty discount benefits, leading to potential implications for customer protection sectors and insurance integrity. In New Zealand, changes to emergency services funding have sparked concerns from the Insurance Brokers Association of New Zealand. The alterations may cause rise in insurance premiums for commercial properties and extend levies to unlikely assets like rescue helicopters, potentially leading to underinsurance or lack of coverage risks. A full review of the topics is available on financialservicesonline.com.au.