Thu, 5th Dec 2024

This week's "Weekly Insurance News Wrap" covers significant issues in the Australian insurance industry. The controversy in Spencer Park, Albany, involves a bakery owner accused of insurance fraud and criminal damage by fire. Authorities speculate the October blaze was intentionally set for substantial insurance benefits. Meanwhile, Hollard Insurance's denial of a claim, due to a policy temperature variation exclusion, emphasizes the importance of businesses considering temperature control for storage options. Additionally, a notable decline in Australians opting for life insurance reveals financial strains leading to an ‘advice accessibility crisis. The federal government is reportedly working on reforms to address this issue. And lastly, the Australian Financial Complaints Authority calls for increased transparency about Professional Indemnity Insurance policy details, following Dixon Advisory's collapse.