Wed, 10th Apr 2024

This podcast summarizes the week's crucial news from the Australian insurance sector. It discusses Australia's increasing climate vulnerability, disclosed by Aon's data, which showed insured losses of over $1 billion due to Cyclone Jasper and heavy floods. It emphasized the global effect of these climate-related incidents, necessitating innovative risk mitigation solutions and societal adaptation. The episode also highlights a surge in code obligation breaches reported by the Life Code Compliance Committee within the financial services sector, underscoring the need for improved compliance frameworks. Relevant news includes a $65,000 compensation payment ordered by the AFCA to a client of insurance giant QBE due to delay in restoration of a fire-damaged guesthouse. Lastly, the failure by nine building companies to secure mandatory HBC insurance was discussed, warning of tougher penalties for non-compliance.