Sun, 30th Jun 2024

In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses key updates from the Australian insurance industry. Notably, the National Insurance Brokers Association (NIBA) has challenged insurers to reduce response times on claim inquiries from 10 to 5 days to improve customer satisfaction, and proposes that claim updates should be given every 20 days. NIBA also cautions against redefining Small to Medium Enterprises to avoid confusion, while supporting current client classifications. Additionally, the Insurance Brokers Code Compliance Committee supports code protections extension to cover all insurance products for small businesses benefit. A crucial legal development occurred when the Federal Court ruled Vero, QBE, and Star International must fulfil their duties to Baralaba Coal Company despite policy expiration, thereby impacting the insurance landscape significantly. The insurers are now obliged to cover the additional repair costs after the policy ended.