Sat, 25th Jan 2025

This podcast update from Financial Services Online, hosted by Paige Estritori, covers key news from the insurance sector. It discusses the importance of insurers improving their claims handling processes exemplified by a case involving Auto & General in Brisbane, who was ordered to compensate after an improper handling of a storm damage claim. A travel insurance dispute outlined the necessity of understanding policy fine print and considering family medical history when securing coverage. The episode also highlighted the insurability crisis in Halls Gap, Victoria, emphasizing the need for sustainable solutions towards rising insurance costs and a lack of coverage following frequent natural disasters. Lastly, focus was directed to the aftermath of severe electrical storms in New South Wales and the Australian Capital Territory, which led to over 11,000 insurance claims. Rescue efforts are underway to assist recovery, particularly for uninsured, low-income residents.