Australian companies accused of selling “junk” health insurance policies

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Consumer advocacy group Choice calls out private insurance providers in Australia Three of Australia’s largest private health insurance companies have been named by Choice, a consumer advocacy group, for offering what it calls “junk” policies. According to Choice, these policies are expensive, but provide relatively little benefits when compared to what can be obtained through Australia’s Medicare system. Policies obtained through this system are less expensive and may be a better option for consumers that need insurance coverage. Junk policies provide less than 1% coverage for several medical services Among…

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Cyber insurance is growing in Australia

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Australian Cyber Security Center highlights the rise of cyber attacks in the country A growing number of companies in Australia are beginning to find solace in cyber insurance protection. According to the Australian Cyber Security Center, the country’s digital networks are experiencing an increase in sophisticated attacks in both the public and private sectors. As such, cyber insurance has become a more important priority for companies that have a significant presence in the digital space. While insurance protection is becoming more coveted, it may not be able to address all…

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Australian government to investigate high homeowners insurance rates

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Government will be examining the rate at which insurance premiums are growing in Queensland The Australian Federal Government will be investigating the claimed need for higher property insurance rates in Central and Northern Queensland. Those living in these areas have seen their insurance rates grow at an exponential pace, placing them under heavier financial burden than they have experienced in the past. Some federal officials believe that the rate hikes that property owners have experienced are “ridiculous,” and they want to ensure that consumers are being treated fairly. Disasters continue…

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Berkshire Hathaway sees promise in Singapore’s insurance industry

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Berkshire Hathaway to sell non-life insurance coverage in Singapore Berkshire Hathaway, one of the world’s leading insurance conglomerates, is planning to begin selling non-life insurance coverage in Singapore. The company has been granted a license to sell such coverage in the country and this coverage will be sold through Berkshire Hathaway Specialty Insurance. The subsidiary was launched last year in order to accommodate with needs in the commercial insurance market and will begin doing business in Singapore in the near future. Company will underwrite property, casualty, and liability coverage in…

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Queensland hailstorm puts pressure on the homeowners insurance sector

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Insurance Council of Australia reports more than 68,000 claims filed due to disaster The Insurance Council of Australia has released information concerning one of the most devastating hailstorms that Queensland has ever seen. The organization noted that the damage caused by the hailstorm was so severe that Queensland’s two largest insurance companies may have to call upon their own reinsurance protection to manage costs. According to the Insurance Council of Australia, more than 68,000 claims have been filed as a result of the hailstorm, and this number is still rising.…

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