In this episode of the Daily Financial Services News Wrap, we cover crucial industry updates in Australia. The National Insurance Brokers Association is urging insurers to reduce claim response times in an effort to meet consumer expectations and alleviate stress. This would include more regular updates and prompt expert reports. The group also warns against any changes in defining small to medium enterprises. Significant industry changes continue as Suncorp divests its banking branch to focus on insurance following a $4.9 billion sale to ANZ, a move sanctioned by Federal Treasurer, Jim Chalmers. Inflation's impact on the financial landscape is discussed, including the task of reducing inflation to the Reserve Bank's 2-3% target; these concerns have triggered a market slide. The podcast also includes updates from the ASX200 and speculations regarding another rate increase.
