Regulatory action on pet insurance and a hefty Federal Court penalty imposed due to pricing promise failings were among topics discussed on the latest episode of the Insurance News podcast.

As previously reported, the court fined IAG $40 million plus costs for not delivering promised discounts, with the Australian Securities and Investments Commission (ASIC) saying the penalty is the largest imposed by a court against an insurer for breaches of financial services consumer protection laws.

ASIC also briefly imposed interim stop orders over target market determinations for pet insurance products issued by Hollard and its underwriting agency PetSure. Concerns were quickly resolved and the order lifted.

This week’s edition of INsight, hosted by Insurance News MD Andrew Silcox, features the observations of Chairman Terry McMullan, Deputy Editor Wendy Pugh and Senior Journalists Bernice Han and Miranda Maxwell.

Insurtech investment levels, more insurers joining the cyclone reinsurance pool and the mid-year reinsurance renewals were also discussed.

You can find previous episodes of INsight published here.