Tue, 17th Jun 2025

In this episode of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori discusses recent rulings from the Australian Financial Complaints Authority (AFCA). The AFCA upheld Open Insurance's decision to deny a refund to a policyholder who cancelled his coverage due to a rooftop tent installation, reminding listeners about the importance of open communication and fully understanding policy terms. The AFCA also sided with Auto and General in a non-disclosure case, emphasizing the necessity of complete transparency when buying insurance. On a positive note, Australian life insurer Acenda won four prestigious awards at the ALUCA Life Insurance Excellence Awards, testifying to its customer-centered service and innovative practices. Finally, a ruling in favor of covering an arson claim despite the claimant's undisclosed criminal past reiterated the importance of precise and upfront questioning during the insurance policy initiation.n