Sat, 26th Oct 2024

This daily news wrap from Financial Services Online discusses the growing underinsurance issue in Australia, driven by rising insurance costs due to factors like higher reinsurance rates, climbing building material prices, and climate change. The report mentions the legal proceedings initiated by the Australian Securities and Investments Commission against QBE Insurance Group over discrepancies in promised pricing discounts. Switching to banking, it highlights ANZ Bank's decision to close its only branch in the Blue Mountains, emphasizing the challenge of embracing digitization without compromising accessibility. Finally, in the superannuation segment, the show outlines potential liquidity challenges highlighted by the IMF due to the flexibility members have in switching investment strategies. The Reserve Bank's advice for superfunds to refine liquidity strategies considering evolving economic conditions is also discussed.n