Tue, 3rd Sep 2024

This week, Paige Estritori reports on key events in the insurance industry. First, we see a sharp rise in home, contents, and motor insurance costs in Western Australia, exacerbating economic inequalities and straining household budgets. Advocates are calling for reformation measures. Second is a subject of full disclosure highlighted by a dispute involving a non-disclosure of a Maserati owner's traffic offenses resulting in refusal of insurance claim. In other news, the Australian insurance sector displays resilience with profits rising to 1.41 billion dollars, a decrease in short-tail household insurance claims, and a reduction in losses. Lastly, we discuss a UK fraud case where Joel Mtebe was sentenced to jail for multiple fraudulent home insurance claims totaling over 22,000 Australian dollars. Stay informed and insured with Financial Services Online.