The Insurance Council of Australia says insurance customers are projected to contribute more through the Emergency Services Levy than previously forecast, as consultation on reform continues.
The facility offers up to US$200m each for hull and P&I risks, alongside US$200m of dedicated cargo cover, as the market responds to the planned phased reopening of the waterway.
The court found that HCF Life's pre-existing condition clauses did not create a significant imbalance, while leaving intact the earlier finding that the terms could mislead consumers.
