In this episode of Weekly Insurance News Wrap, Paige Estritori delves into recent happenings in the Australias insurance industry. Technologies like artificial intelligence (AI) are on the rise, with 90% of insurers moving towards incorporating AI for better client service and claims processing. Disaster responses using AI is still tentative with only 37% exploring it. NRMA Insurance reported an increase in claims this summer due to harsh weather. Despite the intensity of storms and bushfires, surveys show only 40% of residents prepared their homes, indicating a need for increased awareness. In legal areas, only major policy changes need to be reported to the insurer, as backed by the Federal Court. Lastly, a survey by JAVLN and Censuswide shows the urgent need to simplify compliance processes and ease administrative tasks, stressing insurance affordability and market adaptation issues.

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