Sun, 26th May 2024

In this episode of Financial Services Online's weekly insurance news wrap, we discuss key developments in the industry. Firstly, the Insurance Council of Australia is addressing rising insurance costs with the potential introduction of reinsurance pools and direct subsidies, particularly beneficial for areas prone to flooding. Furthermore, a recent Australian Financial Complaints Authority decision reaffirmed that insurance coverage only starts when a policy is active, underscoring the importance of continuous coverage and accurate reporting. Lastly, we highlight how TAL, a major life insurance provider, has leveraged digitalisation to swiftly process claims, having paid $4 billion last fiscal year, half of which were processed within 24 hours via their digital platform.