Sat, 27th Jul 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Sat, 27th Jul 2024" was published on July 26, 2024.

July 26, 2024 · Insurance News Wrap

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Summary

The Weekly Insurance News Wrap delves into intriguing aspects of the insurance sector. An Australian car collecter's claim for an insurance payout of a fiery destruction of his 2005 HSV Coupe GTO Z Series highlighted how insurers calculate payouts. Car valuation and mileage were reviewed, rebuffing the owner's assertion of its $200k worth. Further changes in the sector are fuelled by the passing of the Treasury Laws Amendment Bill for Better Financial Outcomes in Australia, requiring brokers to acquire consent for charging commissions on personal advice. The podcast also emphasizes the financial risks of renters in Queensland without contents insurance. RACQ Insurance notes a concerning lack of awareness particularly among renters aged 18-34 increasing their vulnerability in case of natural disasters. Remedial educational initiatives have been recommended.n

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