It varies state by state in Australia, but if we take the largest state, NSW, they operate the Torrens Assurance Fund - Which until recent privatization of the land titles office, was integrated directedly into it. With a fee from each plan and dealing going towards the fund.

"The Torrens Assurance Fund (Fund) is a statutory compensation scheme designed to compensate people who, through no fault of their own, suffer loss or damage as a result of the operation of the Real Property Act 1900 (RPA)."

Torens Title is a beautiful system. I can't believe how chaotic land title is is other parts of the world. While NSW does still have some old system land, or chain of deeds style land, it represents less than 1% of the land in the state, and that numbers shrinking every year as its titled out.