Hollard Group

But it seems like for these insurers, I don't know where that line would be where we start going, give us back your license.

I mean, you had the federal court this weekend down a $2 million fine to Hollard Insurance over the handling of a single claim.

which was a storm claim, reasonably simple.

I mean, I see this every day.

Yeah, exactly.

So it's just those behaviors that are really not good enough.

And even though Hollard was the one that ASIC took to court for $2 million, My view is it's not really fair on them because yes, that was a poorly managed claim, but all the insurers

are

But when Shark Tank star Nick Bell takes an interest in insurance, we first of all thought it was sharkasm.

Hollard has been fined 2 million for claims failings.

That's a bit like why you should never play poker with a shark: You'll lose every hand.

And there's a new campaign on disaster resilience by the ICA.

A pass afish.

Not sure about that one.

So Wendy, Hollard has been fined 2 million for claims failings in a significant court ruling.

Yes, this was over the handling of a home claim, which was lodged by a couple, uh, living in regional Victoria after storms in October 2021.

A Victorian family's home rotted around them while their insurer sat on their claim.

Now the federal court has ordered that insurer, Hollard, to pay a $2 million penalty.

The corporate regulator, ASIC, says it's the first civil penalty ever ordered against an insurer for breaching its duty of utmost good faith.

Here's what happened.

A storm damaged the family's home in regional Victoria in October 2021.

Hollard accepted the claim for the roof.

But a recommended engineering assessment didn't happen until August 2022, and Hollard made no final decision until April 2023, when it rejected the claim.

Hollard has admitted extensive delays, long periods of inaction, poor communication, and delays providing temporary accommodation.