Sat, 23rd Mar 2024

In this episode of 'Weekly Insurance News Wrap', we discuss current issues in the Australian insurance sector. We begin with ACIL's campaign for transparency in strata practices after identifying 146 concerning cases; they're gathering public feedback via an online survey and the Strata Community Association is developing a best practice guide. Next, we explore the complex issue of standardizing disaster coverage terms; Assistant Secretary Robb Preston recommends broadening standard definitions to other natural hazards, despite existing challenges. The Insurance Council of Australia's work towards defining fair wear might aid policyholders. Our final topic revolves around Sean Carmody's call for insurers to embrace transparency to build trust and resilience in the community and effectively address protection gaps. Stay updated, and remember, understanding the small print can make a big difference.