EPISODE · Nov 22, 2024
Sat, 23rd Nov 2024
from Insurance News Wrap · host Paige Estritori
In this week's financial news, an Australian driver gets a ruling in his favor from the Financial Complaints Authority, receiving compensation for an accident earlier believed to be a result of reckless driving. Meanwhile, turmoil continues in New South Wales over earthquake insurance claims, with over half dismissed amid public anxiety and contentious discussions lie ahead. Also in the spotlight is the Insurance Council of Australia's concern about the proposed AI regulations in the insurance industry. They seek a 12-month transition period to prevent confusion and undue burdens. Lastly, climate risk management becomes a priority for insurers, with over 90% expecting it to impact their underwriting practices, leading to adaptations in policy and increased reliance on technology and data analytics.
What this episode covers
In this week's financial news, an Australian driver gets a ruling in his favor from the Financial Complaints Authority, receiving compensation for an accident earlier believed to be a result of reckless driving. Meanwhile, turmoil continues in New South Wales over earthquake insurance claims, with over half dismissed amid public anxiety and contentious discussions lie ahead. Also in the spotlight is the Insurance Council of Australia's concern about the proposed AI regulations in the insurance industry. They seek a 12-month transition period to prevent confusion and undue burdens. Lastly, climate risk management becomes a priority for insurers, with over 90% expecting it to impact their underwriting practices, leading to adaptations in policy and increased reliance on technology and data analytics.
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Sat, 23rd Nov 2024
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