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Insurers Bet Big on AI for Streamlining Claim Resolutions 28 Mar 2024: .Paige Estritori Australia's insurance sector is witnessing a transformative embrace of artificial intelligence (AI), with a sweeping 90% leaning on, or on the cusp of adopting, chatbots and advanced AI to enhance claim handling, as noted in Gallagher Bassett's yearly analysis. This heightened integration reflects the sector's aim to bolster operational speed and efficacy, with a remarkable 98% of insurers predicting immense benefits from such advancements. - read more |
Spike in Weather-Related Insurance Claims During Summer Revealed 27 Mar 2024: .Paige Estritori Over the recent summer period, NRMA Insurance reported an influx of claims linked to severe weather, with a record not seen since the autumnal months of 2022. An overwhelming number of these, about 85%, have been ascribed to weather disturbances such as storms and hail, per the updated Wild Weather Tracker statistics. - read more |
Federal Court Upholds Insurer's Policy Update Clause 26 Mar 2024: .Paige Estritori The Federal Court has provided a green light to Auto & General’s home and contents insurance policy terms, confirming the necessity for policyholders to inform the insurer about significant changes affecting their coverage. The company emerged victorious in a legal scrutiny instigated by regulatory body ASIC over the disputed clauses. - read more |
Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles 25 Mar 2024: .Paige Estritori Steeped in administrative duties, brokers are dedicating over three hours daily to data processing tasks, finds a survey issued by an insurance software company. Further intensifying their plight, nearly one-fifth have reported growing complications and time expenditure in compliance adherence, underlining a pressing industry conundrum. - read more |
Revolutionizing Carbon Trading with Novel Insurance Offering 24 Mar 2024: .Paige Estritori In an innovative move within the environmental finance sector, CFC has introduced a cutting-edge insurance product specifically targeting the burgeoning carbon credit market. This pioneering Carbon Delivery Insurance is designed to mitigate the risks associated with non-delivery of carbon credits, reinforcing market confidence and integrity. - read more |
Strata Firm Commits to Transparency After Fee Backlash 24 Mar 2024: .Paige Estritori In a decisive move to restore confidence among their clientele, Netstrata, a prominent strata management firm, has indicated intentions to initiate a voluntary evaluation of its business protocols with the assistance of the New South Wales Fair Trading authority. This proactive step emerges in the shadow of a critical exposé by the ABC regarding alleged overpriced insurance fees imposed on condominium proprietors. - read more |
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Agribusiness Risk: Liability Issues Facing Australian Farmers Today The agricultural sector in Australia carves a significant portion of the country's economy, contributing to its GDP and providing employment across rural and suburban areas. Thus, navigating the complexities of agribusiness is not just a matter of crop cultivation and livestock management, but also of understanding the intricate web of liability risks that come with the terrain. - read more
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The importance of income protection insurance for hobby farmers As a hobby farmer, you may not rely on your farm for your main source of income. Perhaps you have a full-time job but enjoy farming as a way to supplement your income and pursue a passion. However, just because farming is a hobby does not mean there aren't risks involved. In fact, hobby farmers face many of the same risks as commercial farmers, such as injury, illness, loss of crops or livestock, and damage to property. - read more
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How to Save Money on Your Farming Insurance Premiums When looking for farming insurance, it is important to shop around for the best deals. Don't simply rely on the first insurance company that you come across. Take the time to research various companies and their policies. Compare them based on their coverage, premiums, and deductibles. - read more
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Preparing for the Worst: Developing a Comprehensive Disaster Response Plan for Your Farm As a farmer, you know that unexpected events can have a significant impact on your farm and your livelihood. Natural disasters, such as floods, fires, droughts, and storms, can occur at any time and have devastating consequences. That's why it's crucial to have a comprehensive disaster response plan in place to protect your property, assets, and, most importantly, your loved ones and livestock. - read more
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Livestock Insurance for Aussie Farmers: What You Need to Know Livestock farming is a significant part of the Australian agriculture industry. As with any business, farmers face numerous risks such as disease, death, theft or extreme weather events, which could cause damage or loss to their livestock assets. Livestock insurance provides cover against these risks, ensuring that farmers are financially protected from any potential financial losses, which could devastate their livelihoods. - read more
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What You Need to Know About Crop Insurance for Your Farm Farming is a risky business. As a farmer, you are at the mercy of the weather, pests, and other challenges that can threaten your crops and your livelihood. That’s where crop insurance comes in. Crop insurance can provide financial protection in case your crops are damaged or destroyed, allowing you to recover from losses and move forward with your farm business. - read more
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