Thu, 14th Aug 2025

This week in Australian insurance, the Australian Securities and Investments Commission (ASIC) expresses concerns about transparency issues within professional indemnity insurance for Australian Financial Services Licenceholders. Due to inadequate coverage clarity and slow claims settlement procedures, ASIC plans to promote regulatory measures like the forthcoming updated Financial Advisers Register. In travel insurance news, a recent ruling requiring HDI Global to cover unexpected costs for a traveler emphasizes the need for transparency and understanding policy structures. Further, Acenda's new digital Personal Medical Attendant Report (PMAR), developed in collaboration with EQ Pathology and UnderwriteMe's insurtech, heralds game-changing prospects for the life insurance sector by improving workflow, security, and efficiency. Lastly, a Victorian court approved a $34 million settlement in a class action against Suncorp regarding alleged unlawful sales practices on add-on insurance products, allowing quicker relief for plaintiffs. Tune in next week for more coverage.n