Thu, 14th Mar 2024

This week's Insurance News Wrap covers several notable Australian insurance cases and industry trends. A high-profile dispute resulted in Suncorp compensating an owner after his car was crashed by a drug-impaired family member who took the vehicle without consent. The Australian Financial Complaints Authority deemed the case as theft, leading to compensation for the owner, and an extra $2000 for poor communication from the insurer. Another case of drug impairment led to a rejected claim by Allianz Australia, sparking a discussion on the influence of drugs on insurance. Industry trends discussed include the increasing focus on cybersecurity, workforce shortages, technology adaptation, and economic challenges. Recently, weather events resulted in insured losses of $1.2 billion, with discussions focused on the need for resilient repairs for effective relief.