Australian home insurance claims settlement practices
Australian home insurers are predominantly settling insurance claims with cash payments rather than managing repairs or rebuilding directly, according to corporate regulator ASIC. This practice is leaving vulnerable homeowners to absorb cost overruns on cyclone-damaged properties, prompting ASIC to call for higher, more realistic payouts to prevent unfair outcomes for already disadvantaged policyholders.
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Cash settlements on home insurance claims leaving vulnerable Australians short-changed, Asic says
Australian home insurers are predominantly settling insurance claims with cash payments rather than managing repairs or rebuilding directly, according to corporate regulator ASIC. This practice is leaving vulnerable homeowners to absorb cost overruns on cyclone-damaged properties, prompting ASIC to call for higher, more realistic payouts to prevent unfair outcomes for already disadvantaged policyholders.
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