No,standard wich is first class international has no insurance,and it does have tracking, first Class international has tracking but is not guaranteed to be tracked, but mostly for Australia most of the packages do get tracked all the way ,but sometimes they don't .
In case it does not get tracked ,there is a risk they can open a non received item and you will be forced to return money and be out of the money and the item .
but I have taken the risk and sent items that are less than 60 dllrs that way ,and so far no problems
I would leave the priority service on the listing, but I think you you can modify the listing from Global shipping program ,if you can't, contact Ebay to get it changed.
GSP is more expensive and it will take longer to get to your customer, plus they repackaged your parcel at their shipping centers
they remove extra packaging that you place to protect the item, to make it lighter
is a nightmare to use, if you rather don't want to take any risks, just use priority service and insured the packages on top of it .
Priority international gives a free partial insurance ,so u have to pay extra to insure it 100 %