Cash settlements on home insurance claims leaving vulnerable Australians short-changed, Asic says

Corporate regulator finds insurers settling most claims with cash rather than by managing repairs or rebuilding, warning of unfair outcomes' for homeowners

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Home insurers are overwhelmingly paying cash to settle claims, leaving Australians to foot blowouts in repair costs for their cyclone-damaged homes.

The corporate regulator is calling for realistic" bigger payouts, warning the practice could cause unfair outcomes" for people already in vulnerable positions.