Thu, 8th Aug 2024

In this Daily Financial Services News Wrap, we cover QBE's increased adoption of AI to boost underwriting efficiency, with plans to extend this successful strategy to its Australia-Pacific division. We also highlight the landmark consumer news where Resolution Life Australasia has been mandated by the AFCA to refund an overcharged policyholder due to lack of communication. Another significant trend involves a decrease in premium revenue for Professional Indemnity Insurance despite a steady claims scenario, contrasting the rise in gross premium of public and product liability insurance. Finally, we discuss Suncorp Group's strategic shift towards general insurance following divestitures of its banking operations to ANZ and its New Zealand Asteron Life business to Resolution Life.