BusinessQuiet 75d · day 76
Asic warns insurers short-changing cyclone victims with inadequate cash settlements
Australia's corporate regulator finds home insurers paying cash instead of managing repairs, leaving claimants to cover cost overruns.
What to know
- Asic found Australian home insurers predominantly settle cyclone claims with cash rather than managing repairs or rebuilding.
- Cash settlements are leaving homeowners to cover repair cost overruns, creating unfair outcomes for vulnerable claimants.
- The regulator is calling for larger, more realistic payouts to adequately cover the full cost of necessary repairs.
“insurers are offering cash settlements for home insurance claims that do not cover the full cost of work needed”
Asic, Corporate regulator · ABC Australia
Asic Corporate regulatorAustralian home insurers Insurance providers
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