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Australian home insurers underpaying claims with cash settlements, ASIC warns
Australia's corporate regulator ASIC has found that home insurers are overwhelmingly settling claims with cash rather than managing repairs or rebuilding, leaving policyholders — particularly cyclone victims — to cover cost overruns themselves. ASIC is calling for larger, more realistic cash payouts, warning the practice leads to "unfair outcomes" for vulnerable Australians. The regulator says the current approach systematically short-changes homeowners already in difficult positions.
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