Sat, 3rd Aug 2024

In this week's news from Financial Services Online, we cover three significant insurance events. First, two farmhouses were denied insurance payouts for earthquake damages from 2018 due to pre-existing issues in their buildings, a decision supported by both Allianz and the claimant's expert. The Australian Financial Complaints Authority upheld this influential ruling. Second, the Suncorp Group increased their reinsurance protection limit to $6.75 billion, thanks to a stable global reinsurance market. Key adjustments include not renewing a quota share deal in Queensland, shifting retention costs for multiple events, and a substantial raise in the natural hazard allowance to $1.565 billion. Lastly, the Insurance Manufacturers of Australia were ordered to compensate a claimant for a stolen vehicle, despite skepticism over details in the claim. The decision upheld the right to insurance, even for non-driven vehicles. These developments demonstrate industry resilience and evolving risk landscapes in the insurance sector.