Hmm I see your point, but I'm not sure I agree with your conclusions. We agree that everything is fine up until the return to Australia. Now, the previous trip out and back is over and forgotten. If my return to Asia needs to be cancelled I can show the insurance company both requirements. I'll have a ticket leaving and a new return ticket to prove I'm coming back (or can soon obtain one). I can also show I've spent $1k on THIS trip ie the ticket whose return leg I'm about to use.No, because your insurance will terminate on your *first return* to AU.
So for example if you are buying AU-Asia, then Asia-AU-Asia.
You will be covered AU-Asia, and Asia-Au. Once back, your cover terminates. You are left with the Au-Asia, which as far as the insurance company is concerned means nothing as (a) you have returned and (b) it’s not purchased in Au and (c) possibly doesn’t have a return attached to it.
Even if you spend another $1000, that Au-Asia return leg may be considered a previous itinerary, partially flown. You may not be able to insure that after travel has started.
I can see however that the exact amount to be claimed could be problematic. It'd need to be the cost of the return leg of the original ticket. I wouldn't need to claim the return flight as that's on a whole new overseas return ticket to be used later, once I finally leave on a new one way ticket.
One things for sure, this is no way as straightforward as I first thought. I'm grateful to all contributors to this thread for raising issues I'd never have considered!