Wed, 20th Nov 2024

In this week's insurance news, the Insurance Council of Australia (ICA) expressed concerns over the evolving regulatory landscape for AI and automated decision-making in the industry. It has proposed a 12-month transition period to incorporate fresh privacy provisions. The Australian Prudential Regulation Authority's survey highlighted climate change's impact on insurance practices, with 90% of insurers anticipating its influence on underwriting. Despite advancements, one fourth of large corporations showed decreased maturity in managing climate risks. In other news, QBE denied an individual's fraudulent claims, highlighting industry tension related to policyholder fraud. Lastly, the escalating insurance premiums exacerbated by climate change and severe weather events have put Australians under financial stress. However, a transition to more sustainable energy sources like electric vehicles could be a part of the solution for mitigating escalating insurance costs.n