Sun, 14th Apr 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Sun, 14th Apr 2024" was published on April 13, 2024 and runs 3 minutes.

April 13, 2024 ·3m · Insurance News Wrap

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Summary

The podcast covers the Australian insurance sector. A key topic is the inquiry into insurer practices following the 2022 floods in Queensland. The investigation highlights issues such as substandard settlement offers and discrepancies in loss evaluations. It also criticises complex insurance language and procedures. Advocacy groups emphasise difficulties for renters, the undervaluation of repair costs, and neglect of vulnerable policyholders. Aon data reveals increasing vulnerability to climate threats, with severe weather causing billions in damages. There is a call for insurance companies to promote societal adaptation and resilience to climate change. On the negative side, a rise in breaches of conduct in claims handling has sparked concerns about industry norms and a push for better compliance and customer service. Finally, QBE Insurance in Tasmania is punished for delay in repair work after a fire, thus reinforcing calls for better insurance practices.n

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