Tue, 20th Aug 2024

In today's Daily Financial Services News Wrap, the Insurance Council of Australia reports a 73% increase in extreme weather-related insurance claims for the 2023-24 period, leading to calls for government intervention to mitigate risks. The industry is on the cusp of an AI revolution, aiming to modernize outdated systems and improve productivity, according to Hyperexponential's 'State of Pricing' report. The Commonwealth Bank suggests a potential rate cut for Australian homeowners, despite a widening financial disparity between renters and homeowners. A case involving the Australian Financial Complaints Authority denying a claim from Chubb Insurance for canceled flights due to conflict-related disruptions underlines the importance of understanding policy exclusions. For full coverage, visit financialservicesonline.com.au.n