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The risks facing older Australians with insurance

Background

This collaboration was prompted following reports of financial abuse and exploitation of older Australians who received a cash settlement as part of their insurance claim. This included the misuse of funds by family members and deliberate targeting of vulnerable individuals in disaster areas by scammers, unscrupulous or unqualified trades, and claims management services. Workshop participants identified several ways in which the insurance claims process can act as a barrier to a successful claims process for older Australians:

  • Underinsurance of home and contents, leaving older Australians inadequately protected.
  • Home maintenance and repair which is essential to ensuring a claim is accepted and an insurance payment settled
  • Increased vulnerability including to fraudulent builders or claims management services particularly during natural disaster events.
  • Managing cash settlement issues and the associated risks of financial abuse. 

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