Wed, 3rd Jul 2024

On this episode of the Weekly Insurance News Wrap, we discuss disturbing revelations in the Australian strata sector, where excessive broker fees and questionable practices have sparked calls for stronger ethical standards. Renowned strata broker specialist, Tyrone Shandiman, criticised these fees and also the role of strata managers in profiteering from such instances. In response to industry malpractice, the NSW government is stepping up efforts to improve transparency and curb unethical behaviour. The episode also covers efforts by the National Insurance Brokers Association (NIBA) to hasten insurer response times on claims from 10 to 5 business days and to ensure regular updates on claims progress. Additionally, we discuss NIBA's rally for the recognition of consumer risk mitigation and warning against the redefinition of the SME sector. Stay tuned for more on these issues and other industry news with host, Paige Estritori.n