Thu, 25th Apr 2024

In this week's episode, we explore a range of insurance-related stories affecting Australia. A vintage car enthusiast's home insurance claim for a damaged 1970 Mercedes-Benz 280e was rejected by the Australian Financial Complaints Authority (AFCA) as they clarified that motor vehicles are separate from home insurance policies. Following previous floods, communities have detected improvements in claim handling by insurers. However, a trend toward self-insurance for small businesses raises concerns. Furthermore, a traveller's lack of natural disaster coverage led to a denied claim after evacuation during Hawaiian wildfires, highlighting the importance of understanding insurance policies. Lastly, a drop in life insurance participation among working adults is noted over the past five years, partly attributed to changes in the "Protecting Your Super" law. Despite this, recent figures hint at a potential market recovery, offering hope to bridge the under-insurance gap.n