Thu, 6th Jun 2024

In this episode of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori covers significant developments in Australia's insurance sector. There's a moderate 4% increase in WorkCover Queensland's Workers' Compensation premiums attempting to avoid sharp spikes; the move still keeps Queensland competitive despite challenges like the rise in mental injury claims. Meanwhile, New South Wales grapples with an 8% premium increase. Estritori also touches on a case of fraudulent insurance claims by Haneen Asfour, accused of illicitly accumulating over $380k post a car accident. Other major points include two allegations against insurance giant IAG - one a class action over alleged deceptive loyalty discounts, and the second, AFCA's order to reassess a rejected flood damage claim. The episode sums up both lessons and insights from the week's happenings in the insurance industry.