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INsight podcast: APRA talks tough on BI 'deficiencies'

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The review of insurers' risk management frameworks demanded by the Australian Prudential Regulation Authority (APRA) is the main talking point on this week's Insurance News podcast.

As reported, APRA had some strong words on Monday about the use of outdated business interruption (BI) wordings which led to a court battle.

“Insurers are in the business of managing risk, yet the impact of the pandemic has raised clear concerns about how well some insurers are doing this,” APRA Deputy Chairman Helen Rowell said.

“Although the legal disputes around BI cover for some COVID-19 claims have yet to be fully resolved, the fact that so many insurers were selling policies with outdated wording exposes clear deficiencies in risk management.”

This week’s edition of INsight, hosted by Insurance News Managing Director Andrew Silcox, features the observations of Insurance News Publisher Terry McMullan, Managing Editor John Deex, and Deputy Editor Wendy Pugh.

The podcast also considers Zurich's call for "stringent" carbon emissions targets, devastating floods in Europe, and consultation on cyber security standards for Australian businesses.

You can find a new episode of INsight published here each week.