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Sun, 3rd Mar 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Sun, 3rd Mar 2024" was published on March 2, 2024 and runs 2 minutes.

March 2, 2024 ·2m · Insurance News Wrap

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Summary

In this episode of the Weekly Insurance News Wrap, Financial Services Online delves into top stories impacting the insurance sector. A landmark case involving the Australian Financial Complaints Authority saw a rural homeowner awarded $42,000 and an additional $2,000 compensation for emotional distress after a disputed roof repair job. In corporate news, ClearView Wealth, focusing solely on life insurance, saw a 32% increase in underwriting profits, expecting a rise to $400 million within three years due to innovative technology. The ASFA cautions against proposals allowing death benefits to directly go to charities, citing possible operational and legal issues. Lastly, the Victorian Supreme Court capped legal fees at 30% for the class action against Insurance Australia Group, setting a precedent for fair compensation in relation to alleged policy misrepresentation on COVID-19 claims.n

Episode Description

In this episode of the Weekly Insurance News Wrap, Financial Services Online delves into top stories impacting the insurance sector. A landmark case involving the Australian Financial Complaints Authority saw a rural homeowner awarded $42,000 and an additional $2,000 compensation for emotional distress after a disputed roof repair job. In corporate news, ClearView Wealth, focusing solely on life insurance, saw a 32% increase in underwriting profits, expecting a rise to $400 million within three years due to innovative technology. The ASFA cautions against proposals allowing death benefits to directly go to charities, citing possible operational and legal issues. Lastly, the Victorian Supreme Court capped legal fees at 30% for the class action against Insurance Australia Group, setting a precedent for fair compensation in relation to alleged policy misrepresentation on COVID-19 claims.n

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