Tue, 29th Apr 2025

In this episode of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori discusses key issues impacting Australia's insurance industry. The first topic involves concerns over Artificial Intelligence's (AI) role in insurance claims, highlighting potential errors and omissions in AI that can exacerbate indemnity issues. Experts have called for better AI-specific policies to manage potential risks adequately. This extends to directors and officers insurance policies, as issues of potential data misuse emerge in step with developing AI technologies. The second piece of news comes from the Australian Financial Complaints Authority, affirming RAA Insurance's decision to decline a claim regarding a discrepancy over a vehicle's location. The case reinforces the importance of honest information disclosure for insurances. For more insights into personal and business insurance, tune in next Tuesday.