Thu, 30th Jan 2025

In this episode of Financial Services Online's Weekly Insurance News Wrap, we discuss two major developments. Firstly, a comprehensive review led by ACT's Legislative Assemblys Standing Committee on Economics, Industry, and Recreation will investigate the insurance industry's practices, particularly regarding escalating insurance costs affecting businesses and community groups. Areas of focus will include public liability claim trends, litigation roles, difficulties in securing insurance, climate change risk assessment, and public sector policy's role in aiding community organizations. Secondly, we discuss a recent dispute between a homeowner and Auto & General over a storm damage claim. The Australian Financial Complaints Authority ordered Auto & General to compensate the homeowner, correct their procedural missteps, and apologize, highlighting the necessity of handling insurance matters conscientiously. For more information and updates, visit Financial Services Online's website.