Tue, 2nd Jul 2024

This episode of the Weekly Insurance News Wrap covers issues within the Australian insurance industry from high broker fees to policy obligations. Broker Tyrone Shandiman speaks up about unethical practices and calls for reform, which prompts regulatory changes from the NSW government. The National Insurance Brokers Association (NIBA) advocates for quicker response times to insurance claims and recommends not to redefine Small to Medium Enterprises to avoid customer confusion. They suggest extending code protections to all insurance products. Lastly, a Federal Court ruling requires insurance firms Vero, QBE, and Star International to honor expired obligations to Baralaba Coal Company. This case highlights the companies' responsibilities towards covering damages and legal costs even after policy expiration.n