Sun, 4th Aug 2024

In this week's Insurance News Wrap, the Australian Financial Complaints Authority (AFCA) has dismissed two earthquake damage claims for farmhouses due to pre-existing issues. Suncorp Group's reinsurance protection limit now stands at $6.75 billion exceeding regulatory needs, with plans for innovations for risk resilience and additional covers post-bank sale. Suncorp also intends to terminate the existing quota share agreement for Queensland's home insurance sector, foreshadowing alterations in retention costs and a rise in the natural hazard allowance. Lastly, AFCA has ordered Insurance Manufacturers of Australia to compensate a claimant, leading to a ruling emphasizing the logic of theft coverage for a non-driven vehicle. For further info on the Australian Insurance Industry, visit financialservicesonline.com.au.n