Thu, 5th Sep 2024

In this episode of Financial Services Onlines Weekly Insurance News Wrap, host Paige Estritori discusses key updates in the insurance sector. A contentious decision by the Australian Financial Complaints Authority denied a woman's critical illness claim due to timing issues, underscoring the importance of understanding policy terms. One insurer had to compensate over 900 policyholders for not adhering to Life Insurance Code of Practice claim processing times, which has led to service improvements. The Australian Medical Association addressed the impact of advancing healthcare on rising indemnity insurance premiums at a conference. Finally, S&P Global Ratings reported a surge in reinsurer appetite for natural catastrophe risks due to strategic shifts in pricing and balancing; however, some prefer diversification away from underwriting volatility.