Sun, 4th Aug 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Sun, 4th Aug 2024" was published on August 3, 2024.

August 3, 2024 · Insurance News Wrap

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Summary

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

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