Sun, 8th Sep 2024

In this episode of the Weekly Insurance News Wrap, host Paige Estritori shares major news from the Australian insurance sector. A landmark decision from the Australian Financial Complaints Authority (AFCA) supports Allianz's reduced settlement in a car claim dispute, emphasizing the importance of accurate data. In leadership transitions, David Wainwright, with 25 years of experience in financial services, is named the new Chief Risk Officer for Zurich Australia and New Zealand. The AFCA also upholds an insurer's denial of a critical illness claim that fell outside the policy's coverage period, stressing the need for accurate application processes. Lastly, an anonymous insurer is directed to compensate over 900 policyholders for breaching claims processing timeframes as outlined in the Life Insurance Code of Practice, identifying a need for improved customer service.