Regulatory action on animal insurance coverage and a substantial Federal Court charge enforced due to pricing guarantee failings were amongst subjects talked about on the latest episode of the Insurance News podcast.
As formerly reported, the court fined IAG $40 million plus expenses for not providing guaranteed discount rates, with the Australian Securities and Investments Commission (ASIC) stating the charge is the biggest enforced by a court versus an insurance company for breaches of monetary services customer security laws.
ASIC likewise quickly enforced interim stop orders over target audience decisions for animal insurance coverage items released by Hollard and its underwriting firm PetSure. Concerns were rapidly dealt with and the order lifted.
This week’s edition of INsight, hosted by Insurance News MD Andrew Silcox, includes the observations of Chairman Terry McMullan, Deputy Editor Wendy Pugh and Senior Journalists Bernice Han and Miranda Maxwell.
Insurtech financial investment levels, more insurance companies signing up with the cyclone reinsurance swimming pool and the mid-year reinsurance renewals were likewise talked about.
You can discover previous episodes of INsight released here.