The Australia Federal Court court ruling is the largest penalty ever imposed on an insurer for violations of financial services consumer protection laws.
The Australian Government introduced the AU$10bn (US$6.7bn) cyclone and flood damage reinsurance pool in July 2022 to help insurance companies manage NatCat risks.
Rowell reflected fondly on her 21-year tenure at the regulator and highlighted key challenges the industry is currently facing which include cyber and the importance of diversity, equity and inclusion...
ASIC said it created the orders to protect consumers acquiring pet insurance products that may not be consistent with their objectives, financial situation, or needs
This is the third year Bupa is offering a cashback scheme, which the insurer says is intended to provide financial relief to customers during a difficult time.
The proposed changes relate to internal capital adequacy assessment and actuarial matters, but are technical clarifications and do not present a material change in policy.
