Thu, 8th Aug 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Thu, 8th Aug 2024" was published on August 7, 2024.

August 7, 2024 · Insurance News Wrap

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Summary

In this week's episode, Paige Estritori from Financial Services Online discusses major stories impacting the insurance industry. Innovations in Artificial Intelligence surface as QBE expands its use of AI, streamlining its underwriting process and planning to implement it further in the Australia-Pacific division. The Australian Financial Complaints Authority orders a refund to a policyholder from Resolution Life Australasia, setting a precedent about clear communication and industry practices. The market sees a 6% decrease in professional indemnity insurance gross written premium revenue while public and product liability insurance sees a 6% rise, highlighting potential imbalances. Lastly, Suncorp Group, after its banking operations sold to ANZ, focuses on general insurance and sells its New Zealand Asteron Life business to Resolution Life. Stay tuned for more updates.

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