In this week's Insurance News Wrap, the Australian Securities and Investments Commission (ASIC) proposes a comprehensive reform in insurance and financial product distribution, highlighting significant failures in due diligence and poor consumer questionnaires. They have initiated five civil proceedings and issued over 80 stop orders since October 2021. Additionally, the federal government has banned the use of genetic test results in life insurance underwriting to combat genetic discrimination. However, Australian households continue to face rising home insurance costs, reportedly due to climate change-related factors. The Actuaries Institute advocates policy reforms and improved climate resilience strategies. Globally, Swiss Re reports a $2.1-billion net income in H1 2024 attributed to fewer natural catastrophe claims and strategic investment earnings.

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