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Australia has entered a new era of cyber governance, with heightened expectations and reporting obligations for businesses. Read on to understand the most recent raft of legislative changes impacting the insurance sector, among others.
For a deeper understanding of the cascading impacts of CPS 230 on the insurance industry, read this expert analysis on the potential ripple effects and compliance challenges.
Smaller agencies may face challenges meeting CPS 230’s new compliance requirements due to limited resources. However, embracing technology to streamline compliance can help them stay competitive in the evolving market.
The General Insurance Code Governance Committee recently imposed a $100,000 penalty on an unnamed insurer for serious claims and complaints handling failures. While the insurer's proactive response was considered in maintaining its anonymity, this decision has drawn criticism, especially from brokers. They argue that the lack of transparency undermines consumer trust and accountability in the insurance industry.
APRA's CPS 230, set to take effect on July 1, 2025, will impose stricter risk management, business continuity, and compliance requirements on insurers. Service providers in the insurance industry will also need to align with these new standards, ensuring they can manage risks, maintain operations during disruptions, and comply with the heightened regulations.
A "Practical Guide to Fraud Detection and Prevention for Brokers" offers actionable steps and strategies to help brokers identify, prevent, and respond to fraudulent activities in the insurance industry. The guide emphasizes practical tools like due diligence, recognizing warning signs of fraud, implementing secure systems, and educating staff.
The article "Regulations and AI: How 2025 Could Be Transformative for Insurance Firms" discusses the significant changes anticipated in Australia's insurance industry due to regulatory updates and advancements in artificial intelligence (AI).
Many Australians are unknowingly underinsured, leaving them financially exposed when disasters strike. Rising rebuilding costs, outdated valuations, and increasing premiums have contributed to a growing coverage gap. In a recent interview on 2GB, 3AW, 4BC, and 6PR, Tetiana shed light on this critical issue and what homeowners can do to protect themselves.
Twin ASIC reports shine a light on the shortcomings of complaints and IDR handing in the financial services industry. Of note, ASIC found that 1 in 6 general insurance complaints were not actually identified or recorded. Read on for key findings, along with our perspective on how you can address any gaps in your processes.
Curium would like to acknowledge the Traditional Owners of the land where we work and live – the Gadigal and Bidjigal peoples who traditionally occupied the Sydney coast. We pay our respects to Elders past and present. We celebrate the stories, culture and traditions of Aboriginal and Torres Strait Islander Elders of all communities who also work and live on this land.
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