New Water Restoration Standard Revolutionises Claims Handling in Australia
New Water Restoration Standard Revolutionises Claims Handling in Australia
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
A recently introduced Australian standard is set to transform the landscape of water damage restoration, enhancing consistency and quality in claims handling while bolstering consumer protection.
This development, according to industry professional Jeremy Stamkos, Managing Director of RIC Solutions and chair of the Standards Australia committee, positions the sector at the forefront of global best practices.
Stamkos highlights that the formal adoption of the AS-IICRC S500 standard is a pivotal moment for the industry. It provides a rigorous and scientifically supported framework for the assessment and restoration of water damage, ensuring that practices align with international guidelines and improving overall standards within Australia.
The importance of this standard cannot be overstated, particularly as weather-related incidents and water leak events are among the quickest growing claim categories in the nation. By setting a definitive benchmark for best practices, the new standard aims to minimise disputes, streamline the claims process, and improve risk management strategies.
The AS-IICRC S500 was developed by the Institute of Inspection Cleaning and Restoration Certification and plays a crucial role in aligning Australian restoration processes with those on a global scale. This alignment fosters collaboration among insurers, contractors, and consultants by establishing a shared technical framework, thus ensuring better outcomes in restoration tasks.
Overall, the adoption of this standard marks a significant step forward for the industry, promising to enhance the quality of water restoration work while providing a safer, more reliable framework for all stakeholders involved in the claims process.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
In the wake of the merger between MLC Life and Resolution Life Australia, the newly formed entity, Acenda, has implemented significant workforce reductions, leading to union criticism over the consultation process. - read more
The Australian Prudential Regulation Authority (APRA) has released data indicating a substantial rise in underwriting gains within the life insurance sector for the December quarter of 2025. - read more
According to a recent IBISWorld report, the Australian life insurance industry is poised for increased merger activity as companies strive to achieve economies of scale in response to market challenges. - read more
In 2026, Australian insurers are prioritizing premium affordability and insurability as they confront escalating claims costs, climate-related losses, and technology-enabled fraud. According to Gallagher Bassett's 2026 global claims study, these factors are significantly influencing pricing, underwriting, and capital allocation decisions. - read more
Medibank Private, one of Australia's leading health insurers, has reported a significant increase in its interim net profit, coinciding with a notable rise in health insurance premiums across the country. This development has sparked discussions about the affordability and value of private health insurance for Australian consumers. - read more
In a significant move to improve the claims process for mental health-related income protection, Australian life insurer TAL has announced the development of a new digital platform named 'Pathways.' This initiative is a collaborative effort involving the Digital Health Cooperative Research Centre, the University of Sydney, and Workcom, aiming to streamline and enhance the experience for policyholders navigating mental health claims. - read more
The Australian Securities and Investments Commission (ASIC) has commenced legal proceedings against Auto & General, the parent company of Budget Direct, alleging that the insurer misled customers regarding promised discounts, resulting in overcharged premiums over several years. - read more
The Australian insurance industry is currently navigating a complex landscape marked by escalating claims and mounting premium pressures. Recent data from the Australian Prudential Regulation Authority (APRA) reveals a significant downturn in the sector's profitability, primarily attributed to severe weather events and broader economic challenges. - read more
The Australian commercial insurance market is experiencing a notable decline in rates, driven by heightened competition among insurers and increased capacity. This trend presents both opportunities and challenges for businesses seeking coverage. - read more
WFI Insurance has reported a notable decrease in farm liability claims across most categories, signaling a positive trend in safety practices within the Australian agricultural sector. - read more
Crop insurance is a type of insurance policy designed to protect farmers from the financial losses that arise from damages to their crops. This could be due to various risks, including adverse weather conditions, pests, and diseases. - read more
Risk management is the practice of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events. In farming, risk management involves various strategies to protect the financial health and operational stability of the farm. - read more
Welcome to the world of farming, where the fruits of your labor are as tangible as the soil you till. But just as the land is subject to the whims of nature, so too is the business of agriculture. This is where farm insurance becomes essential. Farmers face a set of challenges and uncertainties unlike any other industry, primarily due to the unpredictable forces of weather. - read more
Australian farmers face a unique set of challenges due to the vast and varied climate conditions that sweep across the continent. From the scorching heat and prolonged droughts of the Outback to the tropical storms and torrential rains of the northern regions, weather-related risks are an integral part of agricultural life in Australia. - read more
Farming in Australia is more than just a way of life; it is a critical sector that supports the nation’s economy and food supply. However, managing a farm comes with its own set of unique risks. From natural disasters to equipment failures, farmers face numerous challenges that can impact their livelihood. - read more
In the dynamic world of Australian agriculture, farm equipment plays a crucial role in the day-to-day operations of farms. From tractors to harvesters, having the right machinery means managing your farm more efficiently. However, the high value of this equipment makes it essential to protect it adequately through insurance. - read more
Farming is a vital industry in Australia, requiring significant investment in equipment, crops, livestock, and labour. As with any major investment, protecting it is crucial. That's where farm insurance comes in. - read more
Australian farmers face an array of natural disasters that can threaten livelihoods and disrupt the delicate balance of agricultural ecosystems. From devastating bushfires and droughts to powerful storms and floods, these catastrophic events pose serious risks to the farming community. Understanding and preparing for these forces is not just about survival; it's about building a sustainable future for farms across the continent. - read more
In the world of agriculture, having the right insurance coverage is essential. Farming is a high-risk industry that deals with unpredictable elements, and insuring your farm equipment can safeguard your livelihood. - read more
Farming is inherently risky. With factors like weather, pests, and market fluctuations affecting crops, it's crucial to manage these risks effectively. - read more
Need a Quote?
Start your free farm insurance quote comparison here.
Knowledgebase
Exclusion: Specific conditions or circumstances for which the insurance policy does not provide coverage.