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Insurance Dispute Settled with New Rulings Insurance Dispute Settled with New Rulings
07 Nov 2024: Paige Estritori

In a recent adjudication, a property owner faced a coverage denial due to damage attributed to rodents, offering a revealing insight into insurance claim disputes. When a strata property holder reported water damage from a damaged dishwasher hose, her insurance claim was thwarted by the involvement of rodents. - read more
Financial Sectors Grapple With High Reporting of Breaches Financial Sectors Grapple With High Reporting of Breaches
07 Nov 2024: Paige Estritori

The landscape of financial services in Australia is facing challenges as recent disclosures highlight the magnitude of self-reported compliance breaches across industries. The Australian Securities and Investments Commission (ASIC) report for the last financial year has revealed that the insurance sector reported the second-highest number of breaches. - read more
Call for Stronger E-Scooter Insurance Regulations in NSW Call for Stronger E-Scooter Insurance Regulations in NSW
07 Nov 2024: Paige Estritori

The rapid increase in e-scooter usage across New South Wales has prompted renewed calls for improved insurance regulations to safeguard both riders and pedestrians. Genevieve Henderson, president of the Australian Lawyers Alliance NSW, is advocating for mandatory insurance policies that would cover private e-scooter owners and council-managed e-scooter sharing programs. - read more
Surge in Claims for Non-Advised Disability Income Insurance Surge in Claims for Non-Advised Disability Income Insurance
06 Nov 2024: Paige Estritori

Recent analysis reveals individual non-advised disability income insurance is leading the pack with a remarkable claims paid ratio of 113%. In stark contrast, individual policies acquired through personal advice boast a much lower ratio of 68%, as outlined by the latest prudential data. - read more
Controversial Fire Ruling: AFCA Endorses Claim Denial Controversial Fire Ruling: AFCA Endorses Claim Denial
06 Nov 2024: Paige Estritori

A recent decision has stirred considerable attention as an Australian Financial Complaints Authority (AFCA) ruling supported RAC Insurance's denial of a fire claim amidst significant controversy and debate. - read more
Transparency in Premiums: ACCC Highlights Importance of True Costs in Renewals Transparency in Premiums: ACCC Highlights Importance of True Costs in Renewals
06 Nov 2024: Paige Estritori

In a significant move for consumer clarity, the Australian Competition and Consumer Commission (ACCC) has recommended that insurance companies prioritize transparency when displaying previous premium costs in renewal notices. According to the ACCC, the key disclosure figure should be the 'actual' amount paid in the past year by policyholders. - read more
Insurer's Overcharge: A Case for Rigorous Internal Audits Insurer's Overcharge: A Case for Rigorous Internal Audits
05 Nov 2024: Paige Estritori

An overlooked discrepancy by a life insurance company led to thousands of policyholders not receiving promised discounts, having continued unchecked for over a year. This issue was unearthed following an unexpected internal audit, demonstrating the company's need for better oversight and auditing practices. - read more
Insurance Goes Speedy with AI-Powered Support Insurance Goes Speedy with AI-Powered Support
05 Nov 2024: Paige Estritori

In a groundbreaking move, IAG has unveiled an innovative AI-driven tool designed to drastically speed up claims processing. This new utility aims to empower front-line consultants by facilitating quicker claims assessment. CASI, short for Claims Assistant Supporting Intermediated, integrates complex document content, such as product disclosure statements and policy language, to supply fast and precise answers to staff queries. - read more
Broader Solutions Needed for Insurance Affordability, Says ACCC Broader Solutions Needed for Insurance Affordability, Says ACCC
04 Nov 2024: Paige Estritori

Amid escalating climate risks, the Australian Competition and Consumer Commission (ACCC) is calling for broader initiatives to improve insurance affordability. The ACCC has highlighted that while climate-related events become more pronounced, some Australians face insurance unaffordability, often leaving significant assets like homes and small businesses uninsured. - read more
AFCA Upholds Fair Evaluation in Insurance Claim Dispute AFCA Upholds Fair Evaluation in Insurance Claim Dispute
01 Nov 2024: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has directed MetLife to re-evaluate a policyholder’s income protection claim, focusing on justified interpretations of mental health exclusions. - read more
AIG Insurance Tangle Over Vacant Property Break-In Unravels AIG Insurance Tangle Over Vacant Property Break-In Unravels
01 Nov 2024: Paige Estritori

A landlord initially seeking compensation of $102,270 for theft and repair costs following a break-in at a vacant commercial property was awarded $45,724 after a protracted insurance dispute with AIG Australia. The issue revolved around discrepancies over a premium for an unoccupied building. - read more
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Life Insurance Articles

Comparing Income Protection Policies: What Australians Should Look For Comparing Income Protection Policies: What Australians Should Look For
Income protection insurance serves as a financial safety net for countless Australians, offering a replacement income when unforeseen circumstances such as illness or injury impede their ability to earn. For the self-employed and entrepreneurs who may not have the safety nets offered by corporate employment, such protection is particularly important. - read more
Understanding Income Protection Insurance: A Comprehensive Guide for Australians Understanding Income Protection Insurance: A Comprehensive Guide for Australians
Income protection insurance is an essential component of financial security for Australians, designed to provide a safety net by replacing a portion of your income if you're unable to work due to illness or injury. Despite its critical role in safeguarding livelihoods, it's often overlooked in personal financial planning. - read more
Understanding the Process: A Beginner's Guide to Income Insurance Claims Understanding the Process: A Beginner's Guide to Income Insurance Claims
Income insurance, an often-overlooked component of financial security, is gaining traction among Australia's burgeoning self-employed population. In an economy where traditional employment is no longer the sole path to success, this form of insurance has become a cornerstone for proactive financial planning. Touted as a safety net, it ensures that personal livelihoods and business operations remain secure in the face of adversity. - read more
Why Every Australian Entrepreneur Needs Income Protection Insurance Why Every Australian Entrepreneur Needs Income Protection Insurance
Entrepreneurship in Australia - a landscape overview: The allure of entrepreneurship in Australia is undeniable, with the promise of innovation, personal autonomy, and potentially limitless earnings. However, the path of an entrepreneur is often unpaved and unpredictable. Without the safety nets traditionally provided by corporate employment, Australian entrepreneurs must proactively safeguard their personal finances against the capricious winds of business fortune. - read more
Preparing for the Unexpected: Why Income Protection is Essential for Financial Security Preparing for the Unexpected: Why Income Protection is Essential for Financial Security
Life's unpredictability can often bring unforeseen challenges, particularly when it comes to our finances. One day you might be climbing the career ladder, the next you could find yourself unable to work due to illness or injury. This is where income protection insurance steps in, serving as a financial safety net that ensures you can continue to meet your living expenses, even when the unexpected happens. - read more
Income Protection Insurance: Balancing Cost with Adequate Coverage Income Protection Insurance: Balancing Cost with Adequate Coverage
Income protection insurance is a critical safety net for anyone who relies on a steady paycheck to meet their financial obligations and maintain their lifestyle. It offers a replacement income if you are unable to work due to illness or injury, ensuring that your financial responsibilities can be met even when you're not at your earning best. In today's fast-paced world, income protection has become an essential consideration for the modern working individual. - read more
Comparing Income Protection Policies: What Australians Should Look For Comparing Income Protection Policies: What Australians Should Look For
Income protection insurance serves as a financial safety net for countless Australians, offering a replacement income when unforeseen circumstances such as illness or injury impede their ability to earn. For the self-employed and entrepreneurs who may not have the safety nets offered by corporate employment, such protection is particularly important. - read more
Income Protection vs. Life Insurance: Why You Need Both Income Protection vs. Life Insurance: Why You Need Both
Insurance plays a crucial role in safeguarding our financial future. It serves as a safety net, ensuring that we can manage unexpected events without severely impacting our financial stability. For Australian adults, having the right types of insurance coverage is essential for peace of mind and financial security. - read more
Income Insurance: The Safety Net for Your Financial Goals in Australia Income Insurance: The Safety Net for Your Financial Goals in Australia
Financial security is pivotal for anyone striving to meet their life goals, be it owning a home, educating children, or ensuring a comfortable retirement. In Australia, where uncertainties can disrupt our best laid-out financial plans, having a safety net in place is essential. Income insurance offers just that—protection against the unforeseen events that could impact your income earning abilities. - read more
Understanding the Process: A Beginner's Guide to Income Insurance Claims Understanding the Process: A Beginner's Guide to Income Insurance Claims
Income insurance, an often-overlooked component of financial security, is gaining traction among Australia's burgeoning self-employed population. In an economy where traditional employment is no longer the sole path to success, this form of insurance has become a cornerstone for proactive financial planning. Touted as a safety net, it ensures that personal livelihoods and business operations remain secure in the face of adversity. - read more

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