Industry experts are signaling a potential risk for underwriters due to claims arising from inaccuracies produced by artificial intelligence (AI), likening it to the 'silent cyber' phenomenon of the past. Clyde & Co partner, Darryl Smith, highlights the issue, emphasizing how AI inaccuracies could impact various insurance policies, sometimes without immediate detection. - read more
An insurance dispute over the location of a vehicle culminated in the Australian Financial Complaints Authority (AFCA) backing RAA Insurance in their decision to deny a claim. The issue surrounded the policyholder's claim that her son’s car was stored in South Australia, while the vehicle was allegedly used and registered in Victoria. - read more
Homeowners recently secured a favourable ruling against their insurer after a water leak led to significant structural damage. After large cracks emerged on their property, Youi initially denied the insurance claim, attributing the damage to pre-existing issues like earth movement and tree root intrusion, both of which are exclusions in their policy. - read more
More than 4% of Australian properties are currently facing heightened risks from natural hazards exacerbated by climate change, rendering insurance coverage often unaffordable or unavailable, according to recent findings by Climate Valuation. An analysis of over 15 million properties across 15,000 suburbs also highlights that an additional 10% are at moderate risk from disasters such as floods, bushfires, tropical cyclones, coastal inundation, and extreme winds. - read more
A contentious insurance claim has ended unfavourably for a motor policyholder after her husband mistakenly poured diesel exhaust fluid into her car's fuel tank. Although the policyholder initially received assurances from a Suncorp representative that the use of AdBlue fluid wouldn't be considered improper fuelling – supposedly an excluded scenario under her policy – the claim was later denied. This decision has sparked debate around policy definitions and customer service communication. - read more
The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings in the Federal Court against Hollard Insurance, alleging a breach of the duty of utmost good faith. This action is in response to what ASIC describes as Hollard's 'egregious' handling of a home and contents insurance claim filed by a couple from regional Victoria. - read more
Suncorp, a leading Australian insurer, has announced plans to reduce its workforce by cutting 30 of the 70 positions within its motor claims assessing coordinator team, with an intention to offshore some of these functions. This decision has prompted a response from the Finance Sector Union (FSU), which is currently gathering feedback from its members and intends to challenge the proposed changes. - read more
A recent decision by the Australian Financial Complaints Authority (AFCA) has highlighted the importance of accurate disclosure in insurance applications. A trucking company's claim under an NTI commercial motor vehicle policy was denied after discrepancies were found in the company's insurance history and operational radius claims. - read more
Gow-Gates has successfully renewed its role as the official insurance broker for Football NSW, set to continue for an additional two years. The decision was made following an extensive tender process conducted by the soccer organization last year. - read more
The insured value of strata properties across Australia has soared to an estimated $1.4 trillion, according to a recent industry report. This significant figure highlights the growing importance of the strata sector, which now encompasses properties worth $486 billion in New South Wales, $471 billion in Victoria, $245 billion in Queensland, and $112 billion in Western Australia. South Australia, the Australian Capital Territory, Tasmania, and the Northern Territory round out the country's strata market. - read more
TAL, a prominent life insurance provider, has announced its acquisition of a 15.1% stake in Challenger Limited. This strategic move is seen as part of TAL's efforts to deepen its involvement in the annuities market, as it seeks to address the evolving needs of Australia's ageing demographic. - read more
The destruction caused by Ex-Tropical Cyclone Alfred is projected to demand approximately $1.7 billion in claims from the reinsurance pool, according to Australian Treasurer Jim Chalmers. As the cyclone swept across Queensland on March 8, over 63,000 claims have already been lodged with insurers. The insurance coverage through the cyclone pool ceased 48 hours later, highlighting the widespread devastation in its wake. - read more
The Insurance Council of Australia (ICA) is set to host a community consultation and information session in Casterton, a town in Western Victoria recently battered by hail and storms. This event, scheduled for Wednesday, aims to provide residents with an opportunity to engage directly with their insurers. - read more
Prime Minister Anthony Albanese has announced a federal election set for May 3, positioning the Insurance Council of Australia (ICA) to leverage this political moment to advocate vigorously for enhanced risk reduction measures. The ICA is calling for substantial investment in mitigation strategies to address pressing issues of insurance affordability and resilience against natural disasters. - read more
The Supreme Court of New South Wales has imposed significant criminal penalties on Allianz Australia Insurance Ltd and AWP Australia Pty Ltd. Allianz received a $13.5 million fine, while AWP was fined $3.3 million. These penalties were for falsely or misleadingly promoting financial products online, breaching sections 1041E(1) and 1311(1) of the Corporations Act 2001. - read more
Follow us!
We are a proud member of the Financial Services Online network!
Connect with us on your favourite social media platform for the latest financial news, views, tips, tricks, resources and information.
Income protection is an integral part of maintaining your financial security, especially in the event that unforeseen illnesses or injuries prevent you from working. Enabling you to receive a percentage of your regular income, this type of insurance provides a safety net, ensuring that you can continue to cover your living expenses and financial obligations whilst recovering. - read more
In the face of life's unpredictable twists and turns, few things are as disconcerting as the possibility of suddenly losing your ability to earn an income due to illness. Such events are often unexpected and can have significant financial repercussions that interrupt not only your flow of daily life but also compromise your future plans. - read more
When life takes an unexpected turn, whether due to illness, injury, or other unforeseen events, the financial repercussions can be devastating. This is where income protection insurance becomes an essential component of maintaining financial stability. Income protection insurance acts as a safety net, ensuring that even in times of hardship, your financial obligations can be met, and your standard of living maintained. - read more
Financial security is a cornerstone of peace of mind, particularly when life is known for its unpredictability. This introductory section sheds light on the vital nature of income protection insurance and its role in safeguarding Australians' financial well-being. Ensuring continual financial inflow during times of illness or injury not only offers stability but also protects one's standard of living. - read more
Financial protection is an essential aspect of sound financial planning. It ensures that you and your family are safeguarded against unexpected events that could lead to financial hardship. Two common types of financial protection are income protection insurance and life insurance. - read more
In today's ever-changing world, financial security is a cornerstone of peace of mind, particularly for Australians grappling with medical histories. Income protection insurance emerges as a pivotal solution, safeguarding not only the individual’s fiscal health but the well-being of their dependents. This introduction explores the nuances of income protection insurance and its particular significance for those with pre-existing medical conditions. - read more
When life takes an unexpected turn, whether due to illness, injury, or other unforeseen events, the financial repercussions can be devastating. This is where income protection insurance becomes an essential component of maintaining financial stability. Income protection insurance acts as a safety net, ensuring that even in times of hardship, your financial obligations can be met, and your standard of living maintained. - read more
For self-employed Australians, the financial stability provided by consistent income is the backbone of both personal and business success. Unlike traditional employees, who might have access to sick leave or employer-sponsored disability benefits, self-employed individuals are solely responsible for their financial security in the event of illness or injury. This is where income protection insurance steps in as a crucial safeguard. - read more
Welcome to the world of insurance – a domain where words like 'deductible' and 'premium' can significantly impact your financial protection and peace of mind. As a beginner, grasping the basics of insurance terminology is the first step towards making informed decisions about the policies that safeguard your assets and future. In this guide, we will embark on a journey through the language of insurance, which can often seem as complex as the policies themselves. - read more
Income protection is an integral part of maintaining your financial security, especially in the event that unforeseen illnesses or injuries prevent you from working. Enabling you to receive a percentage of your regular income, this type of insurance provides a safety net, ensuring that you can continue to cover your living expenses and financial obligations whilst recovering. - read more
Knowledgebase
Term Life Insurance: A life insurance that provides a cover for a specific period of time - usually one to five years or until the insured reaches age 65 or 70.