Tue, 7th May 2024

In this week's insurance news, major concerns have sparked an inquiry into top Australian strata management company, Netstrata, concerning high insurance brokerage fees and undisclosed benefits. The firms Managing Director resigned from the Strata Community Association but affirmed their cooperation with the investigation. Former insurance broker Sean Sweeney also made headlines as his lifetime financial services ban for misappropriating clients' insurance premiums was upheld by the Administrative Appeals Tribunal, underscoring the industry's zero tolerance to misconduct. Bellrock has broadened its services in response to a predicted need for specialized risk management in business transactions. Finally, Zurich Australia refused a policyholder's claim over an undisclosed traffic offense, reminding all clients of the importance of transparency in acquiring insurance.