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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