In this episode of the Weekly Insurance News Wrap, we discuss the Insurance Council of Australias strategic plans to address flood response inquiries, including adopting a systematic "phased response" to implement 78 original proposals and 101 additional crucial suggestions. These are aimed at simplifying complexities and enhancing customer benefits, competitiveness, and innovation. We also discuss a major shakeup in the Australian life insurance sector: a $13 billion merger between MLC Life Insurance and Resolution Life subsidiaries, leading to the rise of Acenda, which is predicted to become a significant presence in the life insurance sector. Lastly, we highlight the insurance coverage gaps revealed by the local underwriting agency, Sure, in Queensland's cyclone zones. They urge homeowners to review their coverage considering risks of severe cyclones and significant financial impacts from inadequate rebuilding resources in insurance policies.n

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