Sat, 28th Jun 2025

This week's Insurance News Wrap discusses transparency and clarity in the Australian insurance industry. Major highlights include a ruling by the Australian Financial Complaints Authority (AFCA) where RACQ Insurance's decision to reject a motorists fraudulent claim was upheld, emphasizing the need for rigorous verification practices in the industry. The Life Code Compliance Committee criticised an insurer for issuing unclear rejection letters, stressing the importance of direct communication and fairness for consumers. Another AFCA decision highlighted the necessity for clear policy terms to minimize disputes with policyholders. Additionally, 2022 saw a significant drop in insured catastrophe losses but premium rates still remain high, emphasizing the importance of adaptive risk management strategies. For more insurance updates, visit financialservicesonline.com.au.n