Sat, 28th Sep 2024

In this week's update from Financial Services Online, we discuss critical happenings in Australias insurance sector. The National Insurance Brokers Association (NIBA) is strengthening compliance standards due to a reported increase of breaches by 63%, including significant remuneration disclosure breaches. In vehicle insurance, 360 Commercial Motor is enhancing claims management with a new in-house claims team and partnerships with tech platforms. Sportscover Australia and Beazley have launched a new cyber breach response insurance to protect sports clubs against cyber threats. Lastly, the Federal Court ruled that COVID-19 business interruption claims against major insurers cannot proceed as class actions; individual claims must be filed. Stay informed and insured with our regular reports on the complexities of the Australian insurance industry.