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October 2018 | Austbrokers Terrace Insurance | Adelaide | Melbourne

OUTDATED MEDICAL DEFINITIONS RAISE RISK OF CLAIMS DENIAL

The heat continues to be turned up on the insurance industry, with yesterday’s hearings at the Royal Commission highlighting yet more issues with the life insurance industry. Helen Troup, managing director of CommInsure took the stand, with a particular emphasis being placed on issues surrounding consumer understanding of medical issues vs the legal definitions of […]

MEDIA & ENTERTAINMENT INDUSTRY NOT READY FOR CYBER RISK

More than half of media and entertainment firms experienced three or more cyberattacks over a 12-month period, according to a new survey from specialist insurer Hiscox. “Media and entertainment firms are uniquely vulnerable to cyber crime,” Hiscox said in a news release. “High-profile products and complex production processes, coupled with the media and entertainment industry’s […]

RESPONSE TO CALLS FOR MANDATORY TRAVEL INSURANCE

Last week saw NSW Health Minister Brad Hazzard call for all tourists visiting Australia to require mandatory health insurance. “Every time an uninsured visitor does not pay for their treatment in one of our public hospitals, taxpayers foot the bill,” he noted on Thursday last week.  Every year, uninsured visitors account for roughly $30 million in […]

FAR OUT FRIDAY – SPACED-OUT INSURANCE POLICIES

We’re often told to “reach for the stars” in our endeavours – but it’s not usually meant so literally. Yet many insurers around the world have done just that, by offering insurance against alien abduction. Promising a range of benefits, including covering medical and psychiatric costs, alien abduction policies tend to be quite generous in […]

TRIO JAILED OVER INSURANCE SCAM

Two brothers and their friend will be locked behind prison bars for years over an insurance scam that included claims for wine, diamonds, and a bouncy castle, worth more than $1m. Dariush and Jahan Mahmoodshahi, along with their friend Peter Molyneux, 26, filed multiple claims for the fake theft of luxury brands – an elaborate […]

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