Thu, 26th Dec 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Thu, 26th Dec 2024" was published on December 25, 2024.

December 25, 2024 · Insurance News Wrap

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Summary

In this week's Financial Services Online podcast, Paige Estritori discusses significant developments in Australia's insurance industry. RACQ Insurance has partnered with RIA Australasia, signaling a promising future for industry collaboration and improving claims management, ensuring better preparing against weather extremes. The Insurance Council of Australia is aligning its strategies with the 78 recommendations from recent flood response inquiries. Emerging from the parliamentary inquiry were 86 critical recommendations aimed at refining industry practices and strengthening customer protection. Immediate improvements include standardized policy terms and unique procedures for vulnerable customers, although challenges such as improving temporary accommodations and contract enforcement remain. Stay tuned for an updated Deloitte report detailing these changes further. The podcast closes with a reminder that Financial Services Online is available for personal and business insurance needs.

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