APRA’s new System Risk Outlook also highlights the growing impact of geopolitical threats, cyber, and system interconnectedness on Australia’s financial system.
The watchdog says unclear definitions and exclusions in travel insurance policies increase the likelihood of disputes between insurers and policyholders.
The renewed Grievance Mechanism Committee (GMC) will bring together medical, hospital, insurance and takaful associations to identify and improve systemic challenges in medical claims.
ARPC chief executive says changes reinforce the Government’s commitment to "protecting the economy, the domestic insurance industry and policyholders from potential impacts of terrorism."
