Wed, 27th Nov 2024

In this week's insurance industry news roundup, we discuss a landmark ruling by the Australian Financial Complaints Authority (AFCA). This decision supports stronger privacy protection within the industry, with a focus on insurers validating their need for third-party data sharing. A key report highlighted the growing pressure Australian families face due to rising insurance premiums tied to climate-related events, causing stress and, in some cases, the dropping of insurance coverage entirely. We also analyze an AFCA case about a beach accident and the importance of dealing with each case individually. Lastly, we delve into the rising number of earthquake-related insurance claims in New South Wales and the scrutiny this places on insurers. News relating to the insurance sector remains both challenging and multi-faceted.