New Water Restoration Standard Revolutionises Claims Handling in Australia
New Water Restoration Standard Revolutionises Claims Handling in Australia
2
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.
Recent research conducted by the Insurance Council of Australia (ICA) and the Department of Foreign Affairs and Trade (DFAT) has unveiled a concerning trend: approximately 14% of Australian travellers embark on international journeys without any form of travel insurance. This statistic has prompted Allianz Partners to urge Australians to reconsider the importance of securing adequate coverage before travelling abroad. - read more
In 2024, medical incidents emerged as the leading cause of travel insurance claims among Australian travellers, accounting for more than 40% of all claims handled by nib Travel. This trend underscores the critical importance of securing comprehensive travel insurance to mitigate the financial risks associated with medical emergencies abroad. - read more
Qantas Travel Insurance has been recognised in the 2024 Mozo Experts Choice Awards for Travel Insurance, showcasing its exceptional value for their Annual Multi Trip Travel Insurance policy. - read more
Recent findings from the PwC Insurance Banana Skins Survey reveal that Australian insurers are lagging behind their global counterparts in preparedness for emerging risks, particularly in the realms of cybersecurity and artificial intelligence (AI). This survey, encompassing insights from 698 insurance executives across 42 territories, highlights a concerning trend for the Australian insurance sector. - read more
Insurance Australia Group (IAG) has recently highlighted the escalating impact of climate change on home insurance premiums across the nation. The insurer's latest report indicates that the increasing frequency and severity of weather events are contributing to higher costs for homeowners seeking coverage. - read more
Australia's insurance industry has reported a substantial after-tax profit of $6.1 billion for the year 2024, marking a significant increase from the five-year average of $2 billion. This remarkable financial performance is primarily attributed to strategic premium adjustments and a period of relatively mild weather conditions. - read more
Recent findings from the PwC Insurance Banana Skins Survey reveal that Australian insurers are trailing behind their global counterparts in risk preparedness. The survey, which gathered insights from 698 insurance executives across 42 territories, indicates that Australian insurers scored 6.6% lower on the Preparedness Index compared to the global average. - read more
Australia's insurance sector has reported a substantial after-tax profit of $6.1 billion for the year 2024, according to KPMG's annual review. This figure is three times higher than the five-year average of $2 billion, highlighting a significant financial upturn for the industry. - read more
Consumer advocacy group Choice has released a report indicating that several Australian insurers have implemented substantial increases in home insurance premiums over the past year. Notably, Kogan, RAC, and Honey have raised their average premiums by more than 30%, significantly outpacing the industry average increase of 16%. - read more
RACQ Insurance has recently announced the cessation of coverage for rideshare and food delivery vehicles, effective from November 3, 2023. This decision stems from a notable increase in claims associated with these services, prompting the insurer to reassess its offerings. - 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
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
For Australian farmers, livestock is more than just a vital asset; it's the heartbeat of their livelihood. In a land where the sunburnt plains are as relentless as they are beautiful, protecting your herd isn't just a duty; it's a necessity. That's where livestock insurance comes into play—a shield against the unpredictability of Mother Nature. - read more
As the backbone of Australian agriculture, farm equipment plays an essential role in day-to-day operations across our expansive and diverse landscapes. From the vast wheat belts to the tropical fruit farms, machinery ensures efficiency and productivity in the face of constant challenges. But with reliance on such equipment comes significant risk—the financial burden of damage or loss can be devastating to a farmer's livelihood. - 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
Welcome to the first steps in future-proofing your farming legacy. When we think about the hustle and bustle of daily farm life, it's easy to overlook the critical importance of estate planning. For the Australian farmer, estate planning is not just a matter of securing your assets; it's about ensuring the survival and progression of your hard-earned labour to the next generation. - read more
Agroforestry is a transformative approach to land management that integrates trees into agricultural landscapes. In Australia, where farmers contend with variable climates and environmental challenges, agroforestry offers a resilient pathway to productivity and sustainability. - read more
Welcome to the defining era where technology and agriculture entwine, bringing forth the digital farmer's era. With the evolution of agribusiness in the tech age, comes an array of new tools, opportunities, and risks. As a custodian of the earth and steward of the latest innovations, safeguarding your digital farm is just as crucial as nurturing your crops and livestock. - read more
Need a Quote?
Start your free farm insurance quote comparison here.
Knowledgebase
Insurance Premium: The periodic amount paid for the purchase of insurance.