Over 100 wordings have changed – see what’s new so far in 2021!

With the impending April Unfair Contract Terms (UCT) deadline and October Target Market Determinations (TMD), this year is shaping up to be another busy year full of Policy wording changes.

We have already begun to see the first flurry of UCT changes in newly released wordings. As a result of this, several wordings are being rewritten in clearer styles and language. Particularly demonstrated in Home, Private Motor and Boat.

Reading through the positive changes in insurance policies.

Pet Insurance is also showing positive coverage trends from UCT. Several exclusions and conditions removed, such as preexisting medical conditions.

The laws on unfair contract terms (UTC) will soon apply in April of this year

Infectious Diseases are still dominating the Business Package space, where we are seeing many Closure clauses being expanded to specifically list the diseases they will exclude, as well as some changes to Closure extensions themselves.

There have also been a couple of Grassfire/Bushfire variations in the Rural sector.

Of course, many more various detailed changes are shown in PolicyComparison.

Simply hover over the NEW tag at the top of each wording to see a summary of the changes in that comparison. The detailed comparison text is also highlighted bright green where changes have been identified from the old wording. Your PolicyComparison subscription will ensure you always have the most current wordings at your fingertips.  

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Sharron Walker, Director of Policy Services