Sun, 4th May 2025

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Sun, 4th May 2025" was published on May 3, 2025.

May 3, 2025 · Insurance News Wrap

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Summary

This episode of the Weekly Insurance News Wrap discusses key updates in Australia's insurance sector, including the Australian Competition and Consumer Commission's (ACCC) opposition to broker commissions tied to premiums, prompting industry-wide debate on broker transparency and commission structure. Other developments include Auto & General Services being ordered by the Australian Financial Complaints Authority (AFCA) to partially cover a long-term water damage claim, highlighting potential changes in policy language regarding gradual damage claims. Additionally, there's discussion of an AFCA-upheld decision involving policy limitations on non-traditional family structures. Lastly, the episode explores the promising AS-IICRC S500 standard for the water damage restoration sector, which aims to reduce disputes and improve risk management.n

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