The insurers have been ordered to overhaul compensation structures, strengthen sales oversight and submit externally reviewed remediation plans by November.
External committee linked sums to 159 current and former staff and 794 customers, and said it found structural failings in sales management, culture, and governance.
Upcoming capital reforms and tighter underwriting discipline should support earnings stability, although volatility is likely to persist in the near term.
The exercise aims to help insurers further strengthen cyber risk management frameworks and keep pace with increasingly severe and sophisticated cyber threats.
The change is expected to have a significant financial impact on lower-income older Australians, including pensioners and part-pensioners, while placing additional pressure on the public hospital syst...
