In this week's insurance news wrap, the Australian Financial Complaints Authority (AFCA) made a crucial ruling on a disputed car insurance payout case, favoring the policyholder's authority but emphasizing transparency in shared asset insurance policies. On another front, the Australian Prudential Regulation Authority (APRA) has unveiled its new initiative targeting home insurance affordability issues through collaboration with insurers, government agencies, and the private sector. They plan to enhance accessible and affordable reinsurance, with the initiative beginning in 2025-26. Later, life insurance companies face a call from the Australian Securities and Investments Commission (ASIC) to overhaul their sales and service operations, stressing a customer-centric approach. Despite improvements after the Hayne Royal Commission, ASIC identified lingering issues in direct life insurance sales practices, necessitating further reform.

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