Sun, 10th Mar 2024

This week's update from Financial Services Online covers crucial happenings in the Australian insurance landscape. Top stories include the denial of a car insurance claim by Allianz Australia due to methamphetamine use, a stern reminder about substance impact on insurance validations. The Insurance Council reports $1.2 billion in weather-related losses due to recent floods and Cyclone Jasper, with 28% of the 90,000 claims already settled. However, the news isn't all grim. Insurance brokers note an 87% satisfaction rate among businesses, showcasing insurance as an essential safeguard in tumultuous times. Adding complexity to the industry are new challenges, PwC's Banana Skins Index pinpoints cyber threats, climate change and regulatory shifts as looming financial threats, with Australia lagging globally in preparedness.n