In this week's insurance news, there's a significant increase in collision risks in Australia's transport sector leading to a surge in motor claims and stricter regulatory oversight. To combat this, fleet operators are exploring Usage-Based Insurance, a solution using telematics to monitor driving behaviours and reduce premiums. This development is catching the interest of large firms exploring captive insurance for stability, safety, and efficiency. Meanwhile, a landmark decision by the Australian Financial Complaints Authority has impacted insurance practices, ruling against a significant excess fee and promoting more consumer-friendly practices. Furthermore, the Australian Trucking Association awarded individuals exemplifying leadership, safety, and diversity efforts in the transport industry. To address ongoing collision risks, the sector is urged to adopt advanced insurance practices enhancing safety. Tune in next week or visit www.financialservicesonline.com.au for more updates and advice.n

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