In this edition of the Weekly Insurance News Wrap, Paige Estritori discusses key insurance news. A homeowner's claim for a supposed 'sinkhole' was determined by QBE Insurance and the Australian Financial Complaints Authority to be an old well, not covered by their policy. However, QBE did grant compensation for some property damage and claim processing delays. Financial advisers face increased levies for the 2023-24 year due to additional compliance measures introduced by ASIC. The announcement has sparked discourse on the role of other stakeholders in sharing cost burdens. In Tasmania, the House Standing Committee on Economics aims to understand the impact of October 2022 floods, with insured losses of $884 million and almost 23,000 claims filed. This is part of efforts to scrutinize the insurance sector's response to such disasters. More information on these stories can be found on the Financial Services Online website.

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