Tue, 16th Apr 2024

In this episode, Paige Estritori discusses significant developments in the Australian insurance industry. A federal inquiry, led by Daniel Mulino, is scrutinising insurer practices after the 2022 Queensland floods to understand residents' difficulties with insurance claims. Advocacy groups support a push for clearer communication and tenant-centred policies. Australia and New Zealand's increasing insured losses from severe weather events underscore the urgent need for improved prevention and climate change adaptation, with insurers expected to lead societal resilience. In the financial services sector, reports show a 9% rise in code obligation breaches, notably claims handling, for three consecutive years. However, fewer customers have been affected. There are calls to increase compliance, customer service, operational standards, and ethical practices to regain public trust and strengthen the financial market. Further updates can be found on the Financial Services Online website.n