Sat, 21st Sep 2024

Insurance News Wrap

An episode of the Insurance News Wrap podcast, hosted by Paige Estritori, titled "Sat, 21st Sep 2024" was published on September 20, 2024.

September 20, 2024 · Insurance News Wrap

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Summary

In this week's update, the Australian Securities and Investments Commission (ASIC) urges insurance and financial product issuers to revamp their distribution practices due to significant deficiencies found in their systems. Meanwhile, a federal government decision to ban the use of genetic test outcomes in life insurance underwriting has drawn broad support. Concern rises as home insurance premiums have soared by 30% affecting 1.6 million families, driven mainly by climate change impacts. Positive news comes from Swiss Re which reported a net income of $2.1 billion for the first half of 2024 due to reduced natural catastrophe claims and strong investment earnings.n

Episode Description

In this week's update, the Australian Securities and Investments Commission (ASIC) urges insurance and financial product issuers to revamp their distribution practices due to significant deficiencies found in their systems. Meanwhile, a federal government decision to ban the use of genetic test outcomes in life insurance underwriting has drawn broad support. Concern rises as home insurance premiums have soared by 30% affecting 1.6 million families, driven mainly by climate change impacts. Positive news comes from Swiss Re which reported a net income of $2.1 billion for the first half of 2024 due to reduced natural catastrophe claims and strong investment earnings.n

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