Wed, 22nd May 2024

This week's Insurance News Wrap presented by Paige Estritori centres on significant events within Australia's insurance sector. Key headlines include a landmark ruling by the Australian Financial Complaints Authority against a motorist who expected retroactive coverage from Suncorp. The ruling emphasized the critical point that insurance coverage starts only after policy activation and non-retroactivity. Life insurance giant TAL achieved impressive claims processing targets last fiscal year, paying out $4 billion, half via their digital platform TAL Connect. TAL attributes its success to investment in technology, services revamp, and focus on staff development. Additionally, Australian Senators investigate the impact of climate change on insurance premiums and potential barriers to coverage due to unaffordability. Lastly, the Australian life and risk insurance market face difficulties due to new APRA regulations and a decline in advisers. Despite challenges, TAL maintains market leadership with a 32% share.