In a landmark decision, the Australian Financial Complaints Authority (AFCA) has mandated that Chubb Insurance replace the hoist ropes of two lifts in an apartment block, following damage attributed to vandalism. The owners' corporation successfully argued that the damage to the lifts was part of a previously recognized vandalism incident. - read more
The New South Wales Government is taking decisive action against 'claim farming', a predatory practice that exploits vulnerable individuals by pressuring them to file compensation claims. This practice often involves unethical tactics targeting susceptible groups, including child abuse survivors. To combat this, the government is set to introduce the Claim Farming Practices Prohibition Bill 2025. - read more
The Royal Automobile Association (RAA), a leading motoring group in South Australia, is set to revamp its technology infrastructure by adopting Duck Creek's OnDemand cloud platform. This strategic transition will see RAA's outdated systems for motor and home insurance transformed to include streamlined policy, rating, billing, and claims management, as well as enhanced data handling and insights capabilities. - read more
Consumer advocacy groups have voiced strong opposition to the insurance industry's decision to reject recommendations designed to eliminate practices that disadvantage consumers, including charging higher rates for monthly bill payments and increasing renewal premiums for loyal customers. The Financial Rights Legal Centre has cited ongoing reports from consumers being adversely affected by these pricing practices, which they refer to as a 'poverty premium' and a 'loyalty tax.' - read more
The Insurance Council of Australia (ICA) has called for urgent action to address the factors driving the significant rise in motor insurance premiums. In a detailed policy paper, the ICA has outlined a strategic plan, urging government intervention to address key issues like labour shortages, supply chain disruptions, and inefficiencies in accident management practices. - read more
The Insurance Council of Australia has unveiled substantial data revealing that the expense related to vehicle theft claims has almost doubled since 2015. Last year, the industry handled $428 million in claims, signaling a stark increase from $218 million a decade ago. The data comes from Insurance Statistics Australia, which has adjusted historic dollar values for inflation, highlighting an urgent trend in rising car crime claims. - read more
The Australian Financial Complaints Authority (AFCA) has ruled in favour of QBE Insurance in a case where an uninsured driver attempted to secure compensation following a collision involving a fire truck. The incident occurred when the QBE-insured driver paused at an intersection to allow a fire truck to pass, leading to the uninsured driver impacting their vehicle. - read more
A prominent consumer advocacy group, the Australian Consumers Insurance Lobby (ACIL), is advocating for insurers to contribute $250 million annually to support disaster risk mitigation, as well as the affordability and availability of insurance coverage. This initiative seeks to address what the organization describes as an escalating crisis within the insurance industry. - read more
The insurer QBE has successfully reversed a payout concerning a fraudulent rental claim, as determined by the Australian Financial Complaints Authority (AFCA). The controversy arose from a claim lodged under an owners’ corporation residential strata plan for water damage and subsequent rental losses dating back to a January 2022 storm. - read more
The Australian insurtech sector is steadily gaining prominence with innovative products aimed at boosting efficiency, security, and customer interaction. According to a recent report titled 'Insurtech Down Under: Trends, Tech and Triumphs,' the sector's growth is accelerating, supported by strategic investments and technological advancements. - read more
A company recently faced a significant setback after losing an insurance claim dispute related to funds stolen in a fraudulent email scheme. Cybercriminals infiltrated the business's email system, sending out fake invoices that directed clients to pay into a bogus bank account. Consequently, two customers inadvertently transferred a total of $66,148 to the fraudulent account. Attempts to retrieve this money were unsuccessful, and the customers refused further payments to the company. - read more
In an evolving insurance landscape where traditional underwriters are hesitant to cover high-risk scenarios, Australia Underwriting has strategically positioned itself to fill this crucial gap. The company has become recognized for its expertise in handling difficult-to-place insurance risks, often ignored by larger insurers focused on lower-risk ventures. Founded by industry veteran George Vincent, the firm has capitalized on unserved market segments and emerged as a vital player in the Australian insurance space. - read more
The Australian Financial Complaints Authority (AFCA) has directed insurance provider Hollard to enhance its compensation payout to a homeowner following a failed attempt to remediate mould contamination in the owner’s property. Despite previous repair efforts by Hollard, lingering mould issues persisted, prompting further disputes. - read more
Opposition Leader Peter Dutton’s proposal to dismantle major insurance companies to boost competitiveness and reduce premiums has sparked significant pushback from industry brokers. The suggestion, criticized as ineffective, faces opposition from those who argue that the root causes of high premiums lie elsewhere. - read more
The Insurance Council of Australia (ICA) has unveiled its election platform, urging the federal government to significantly enhance flood defences by establishing a $30.15 billion flood defence fund. This initiative, highlighted as the primary recommendation, seeks to mitigate the catastrophic impact of floods, which are deemed as Australia’s most financially damaging natural disaster. - read more
New findings from Finder reveal a growing trend among Australians considering the cancellation of their health insurance policies. This move comes in response to increasing living expenses and an impending rise in insurance premiums. - read more
The Insurance News Outlook 2025 Conference, scheduled for March 12 in Sydney, is set to delve deeply into the insurance industry's future. With a focus on emerging risks, advancements in technology, and the evolving landscape of broking, the event promises insightful discussions led by industry experts. - read more
The Australian Greens have proposed a comprehensive policy initiative aimed at reducing the cost of insurance by $4 billion. As natural disasters become more frequent and severe, insurance premiums have been escalating. The Greens' strategy emphasizes a multi-faceted approach, including the abolishment of insurance stamp duties, an expansion of the Cyclone Reinsurance Pool to cover all natural disasters, and imposing financial contributions on fossil fuel companies to offset their impact on climate change. - read more
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Finding the right health insurance coverage is a critical concern for Australian seniors, who often face the dual challenge of managing chronic health conditions and maintaining financial stability in retirement. As the cost of healthcare continues to rise, the importance of securing an affordable health cover that still meets their needs cannot be overstated. - read more
Health insurance is a critical part of maintaining your well-being and financial stability. In Australia, understanding the basics of health insurance can help you make informed decisions that protect you during unforeseen medical events. - read more
Private health insurance is an essential consideration for many Australians. It provides peace of mind, knowing that you and your family have access to the best possible healthcare when needed. - read more
Health insurance is more than just a precautionary measure; it's a vital component in managing both your health and financial well-being. In Australia, where healthcare costs can quickly escalate, health insurance extras serve as a buffer, ensuring that services like dental, optical, and physiotherapy remain within reach. These extras can significantly reduce the out-of-pocket expenses you might otherwise encounter for non-hospital treatments. - read more
Australia is renowned for its iconic landmarks, diverse ecosystems, and robust healthcare system. While the public healthcare system, Medicare, provides essential health services, it might not cover everything. The allure of private health coverage lies in its promise of broader options, reduced wait times, and coverage for services not included in Medicare, like dental and optical care. - read more
Exploring the realm of health insurance can be like navigating a labyrinth, replete with complex terms and varying policies. Among these, health fund rebates emerge as a crucial element, particularly for young Australians embarking on their journey of health coverage. Fund rebates can significantly lighten the financial burden, transforming the quest for health insurance from daunting to empowering. - read more
Private health insurance is an essential consideration for many Australians. It provides peace of mind, knowing that you and your family have access to the best possible healthcare when needed. - read more
With healthcare being a critical aspect of every family's well-being in Australia, securing the right family health insurance is not just a necessity but a responsibility. Recognizing the importance of this safety net is the first step towards safeguarding the future health needs of your loved ones. Balancing comprehensive coverage against affordable premiums can seem overwhelming with a multitude of plans available. - read more
Health insurance in Australia is a crucial aspect of ensuring you and your family receive the medical care needed without facing exorbitant costs. The healthcare system, consisting of both public and private sectors, offers various options to suit different needs and budgets. While the public sector (Medicare) provides essential services, private health insurance offers additional benefits such as faster access to services, choice of doctor, and coverage for services not included in Medicare. - read more
Preventive healthcare refers to measures taken to prevent diseases, rather than treating them after they occur. This includes actions like regular health screenings, vaccinations, and adopting healthy lifestyle practices. - read more
Knowledgebase
Whole Life Insurance: A type of life insurance that provides coverage for the insured's entire lifetime, with a savings component that builds cash value.
