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Insurance Business | 10 Nov 2016, 09:00 AM Agree 0
A Liberal MP has accused an insurance giant of cheating victims
  • | 10 Nov 2016, 11:41 AM Agree 0
    Both the General and Life Insurance Industry are cruising for bruising with their continued display of arrogant disdain for policy holders. Don't be surprised if their are calls for a Senate inquiry or even a Royal Commission in 2017. I have a folder of shame which I will gladly put forward outlining the egregious behaviour of certain GI companies. One wonders at the selection process for Chief Executives of these once proud institutions. No wonder brokers are held in low esteem by the public. Despite our best efforts Insurers continue to exhibit appalling judgement. Reading the annual FOS report is embarrassing to say the least.
  • John | 11 Nov 2016, 12:16 PM Agree 0
    AAMI have a home policy that doesn't have a sum insured but rather says it will re-instate a similar home based on the specifications of the existing home.

    This is potentially better in some regard such as avoiding underinsurance or extra cost of re-instatement but could easily lead to disagreements in respect to the design, size, style & value of a new house etc.

    The lack of a sum insured as a reference point makes it hard to argue & it would also make it hard to get a cash settlement.
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