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In this episode of the Weekly Insurance News Wrap (hosted by Paige Estritori on behalf of Financial Services Online), important Australian insurance industry updates are explored. First, a key ruling by the Australian Financial Complaints Authority (AFCA) rejected an Australian man's claim for a refund of 3,612 AUD from Latitude Finance, demonstrating AFCA's commitment to transparency in financial product disclosures. Second, Qantas's travel insurance product received the 2024 Mozo Experts Choice Award for Annual Multi Trip Travel Insurance. Meanwhile, Southern Cross Travel Insurance released a study outlining the costliest travel insurance claims made by Australians, highlighting the crucial role of comprehensive coverage. Lastly, the increase in home and contents insurance premiums by up to 65% over the past five years is discussed, with particular focus on the resulting insurance affordability stress faced by 15% of households. The episode concludes with potential reform calls to address this issue.n
