Thu, 8th May 2025

This Weekly Insurance News Wrap, hosted by Paige Estritori, brings critical updates on insurance topics. The Insurance Brokers Code Compliance Committee recommends industry reforms, aiming to increase transparency and protect small businesses, by enforcing stricter timelines for claim updates and renewal notifications. The handling of flood claims by insurers in Hervey Bay, Queensland, post Cyclone Alfred is criticized, highlighting the need for a resolution to delayed claims. A significant ruling by the Australian Financial Complaints Authority reminds listeners of the importance of understanding policy terms and limits. Lastly, the Australian Competition and Consumer Commission challenges broker commissions, indicating potential conflicts of interest despite necessary disclosures. This, among other evolving industry matters, is presented to keep listeners abreast of the latest trends.n