Thu, 11th Apr 2024

In this week's wrap, Financial Services Online discusses the ongoing aftereffects of the 2022 floods in Queensland, with a federal inquiry into insurance practices revealing issues with unclear policies, unsettling settlement offers and gaps in loss evaluation. A 9% rise in code obligation breaches within the financial services sector signals a critical need to enhance compliance and customer service. The industry is being urged to increase resilience towards escalating climate threats, as evidenced by the costly damage caused by recent extreme weather events, including Cyclone Jasper. Lastly, insurance giant QBE have been held accountable for delays in repairing a fire-damaged property in Tasmania, showing an urgent need for insurers to monitor third-party adjusters more effectively.n