Insurers faced scrutiny over delayed/unpaid claims and defended payout processes.

Insurers have faced criticism over delayed or unpaid claims from people affected by severe floods. During a federal parliamentary hearing, industry leaders defended their payout processes, warning that significant changes to the systems could lead to increased premiums or the collapse of companies. Insurance Council CEO, Andrew Hall, stated that home insurance in Australia is under immense pressure, and it is becoming increasingly difficult to insure people living in flood-prone areas. In response, Independent MP Andrew Gee accused the industry of making significant profits while failing to adequately support flood victims.

February 05, 2024
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