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| ASIC Considers Action as Professional Indemnity Insurance Transparency Falls Short
12 Aug 2025: Paige Estritori The Australian Securities and Investments Commission (ASIC) has voiced apprehension about the transparency of professional indemnity (PI) insurance amongst holders of the Australian Financial Services Licence (AFSLs). This concern arises from a recent market overview conducted to analyze PI insurance for AFSLs offering personal advice to retail clients. - read more |
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| Traveller Triumphs in Insurance Dispute Over Unexpected Medical Detour
11 Aug 2025: Paige Estritori A savvy traveller has successfully challenged an insurance decision after having to make an impromptu stay in London due to a medical emergency. This came after the man needed urgent medical attention following a cat bite he sustained in Albania, which sent him to the UK capital for essential treatment. - read more |
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| Revolutionising Life Insurance: Digital PMARs and Next-Gen Underwriting
11 Aug 2025: Paige Estritori In the age of instant digital services, where everything from basic necessities to luxury items can be delivered in a blink, the life insurance sector in Australia is poised for a transformative change. Historically plagued by lengthy processing times, the sector faces a persistent underinsurance gap, with over a million Australians lacking adequate life protection. The introduction of a digital Personal Medical Attendant Report (PMAR) by Acenda, formerly MLC Life, marks a significant stride towards addressing this challenge. - read more |
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| Victorian Court Approves $34 Million Add-On Insurance Settlement
08 Aug 2025: Paige Estritori A Victorian court has ratified a $34 million settlement in a class action involving add-on insurance products sold by Suncorp. This settlement culminates the legal proceedings surrounding alleged unlawful sales practices. - read more |
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| Study Bolsters Call to Eliminate Insurance Taxes
07 Aug 2025: Paige Estritori Recent research from Victoria University has provided new insights supporting the proposal to abolish insurance taxes in Australia. The study, conducted by Jason Nassios and James Giesecke, examined the effects of varying rates on four primary taxes: personal income tax, goods and services tax (GST), stamp duties, and insurance duties. Unlike previous studies, this research assessed the economic impacts of these taxes as their rates fluctuated, rather than analyzing them at static levels. - read more |
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| Policyholder Triumphs in Machinery Damage Dispute
06 Aug 2025: Paige Estritori A recent decision in an Australian Financial Complaints Authority (AFCA) case has ruled in favour of a business seeking coverage for damage to machinery, despite the hiring company not adhering to all prescribed safety guidelines. The matter involved a Winlet 575 Glass Robot that sustained damage when its stabiliser failed during operation. - read more |
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| IVAA Claims Triumphs in Pitch Competition with Fraud Detection Technology
05 Aug 2025: Paige Estritori In a notable victory, Brisbane-based IVAA Claims emerged as the winner of the esteemed Beyond the Buzzwords pitch contest. The company, which specializes in jewellery validation assessments and settlement guidance for contents claims, impressed the judges with its innovative approach to tackling insurance fraud. - read more |
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| CALI Advocates for Reforms to Bridge Financial Advice Gap for Young Australians
04 Aug 2025: Paige Estritori The Council of Australian Life Insurers (CALI) has highlighted a significant gap in access to affordable, professional life insurance advice among young Australians. A recent study conducted by CALI reveals that only 11% of 18-to-34-year-olds obtain formal financial guidance, with the majority relying instead on advice from informal and often inaccurate sources such as friends, family, social media, and online forums. - read more |
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| Digitalisation Revolutionises Life Insurers’ Medical Report Process
04 Aug 2025: Paige Estritori The process of obtaining Personal Medical Attendant Reports (PMARs) has been a significant administrative issue for Australian life insurers. General Practitioners (GPs) often face an overwhelming amount of paperwork, dedicating nearly a full workday each week to administrative tasks. PMARs, essential for assessing applicants’ health for life insurance, have traditionally been cumbersome and time-consuming, with many GPs delaying their completion. However, the development of digital solutions is set to transform this process and improve efficiency drastically. - read more |
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| Kell to Lead Comprehensive Review of Australia's Life Insurance Code
01 Aug 2025: Paige Estritori Starting on October 1, a comprehensive review of the voluntary Life Insurance Code of Practice will commence, with a focus on assessing the effectiveness of revisions made to its regulations and standards in 2023. The Council of Australian Life Insurers (CALI) has appointed Peter Kell to lead this independent review and deliver the final report by June 30 next year. - read more |
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Peril:
A specific risk or cause of loss covered by an insurance policy, such as fire, theft, or flood.
