Insurance

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The General Insurance Code Governance Committee (the Committee) has today released its annual report for the 2019-20 financial year. The report includes analysis of trends and service standards in the general insurance industry in a year that included significant summer bushfires, flooding and the start of the COVID-19 pandemic. This is a General Insurance Code…

Read More General Insurance in Australia Report 2019-20

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A report on the sale of add-on general insurance products by the independent committee monitoring the Insurance Brokers Code of Practice (the Code) outlines the extent to which  and how Code subscribing insurance brokers provide add-on insurance products to their clients. This is an Insurance Brokers Code Compliance Committee media release The Insurance Brokers Code…

Read More Most brokers handling insurance add-ons well, but there is room for improvement: Report

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Financial Rights Legal Centre has released a landmark report on the concept of Open Insurance – the application of the Consumer Data Right to the general insurance industry. This is a Financial Rights Legal Centre Media Release Financial Rights’ Chief Executive Officer Karen Cox said the Open Insurance report by Dr Richard Tooth of Sapere…

Read More Financial Rights report reveals risks and opportunities in Open Insurance

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Insurers have paid out $500 million less in hospital and extras benefits in 2019-20 compared to the previous year, the latest ACCC annual report into the private health insurance industry has found. This is an ACCC Media Release. The reduced benefit payout was the result of government-imposed restrictions in response to the COVID-19 pandemic, which limited non-urgent…

Read More Health funds pay policyholders $500 million less due to COVID-19

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A year that began with bushfires and floods before being overwhelmed by the global pandemic has set unprecedented challenges for Australian insurance brokers. These will only intensify as the new “normal” unfolds, especially given many broking firms are small businesses themselves. “Who, in their wildest imagination, could have created a ‘risk model’ equivalent to this…

Read More Rising to meet the challenges: Insurance Brokers Code Compliance Committee releases Annual Review of 2019-20

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Superannuation trustees that were classifying new members as ‘smokers’ by default and charging them higher life insurance premiums have ceased this practice, and some trustees have remediated members for the extra premiums paid. Between 2017 to 2020, ASIC engaged with seven superannuation businesses, (comprising nine superannuation trustees) that had been, either at the time or…

Read More Superannuation trustees compensate members wrongly classified as ‘smokers’

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A website designed to empower consumers and help insurance brokers improve their service standards has been launched by the independent Insurance Brokers Code Compliance Committee (the Committee) that monitors compliance with the Insurance Brokers Code of Practice (the Code). It is an exciting development for the Committee, which works with consumer groups, regulators and Code subscribers to…

Read More New website of the Insurance Brokers Code Compliance Committee links consumers and insurance brokers

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Super Consumers Australia urges insurers to drop discriminatory policies that don’t protect the unemployed or people working limited hours. Super Consumers Australia has warned that the insurance industry will put approximately 343,000 people at financial risk if it doesn’t take action by the end of September. The warning comes after the Financial Services Council promised…

Read More COVID job losses leading to people paying for junk insurance

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A number of life insurers appear not to be taking their obligations under the Life Insurance Code of Practice (the Code) seriously, according to a report released on Friday by the Life Code Compliance Committee (the Committee) – the independent Committee which monitors and enforces industry compliance with the customer service standards set out in…

Read More Report shows life insurers need a stronger commitment to their Code compliance obligations

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Insurers must focus on creating an ethical, consumer-focused culture that is championed by the Board and underpinned by robust governance and business practices if they are to improve their compliance with the General Insurance Code of Practice, according to a report published today by the General Insurance Code Governance Committee. Living the Code: Embedding Code…

Read More Culture, Leadership and Governance – the crucial elements of ‘Living the Code’ for insurers

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Consumer advocate says Lifetime Health Cover Loading should be suspended in light of COVID-19 financial pressures Consumer advocate CHOICE is calling on the Federal Government to suspend consumer penalties for not taking up private health insurance in light of the COVID-19 crisis. The advocacy group says the Government should add an extra 365 days to…

Read More “Penalties for not taking up private health cover must be suspended”: CHOICE

A black and silver stethoscope on a white table A black and silver stethoscope on a white table

For the first time, the majority of hospital treatment policies held by Australians now contain exclusions, the latest ACCC annual report into the private health insurance industry has found. More than 57 per cent of policies held by Australians contain exclusions, up from about 44 per cent in the previous year. “Many people may not be aware…

Read More Private health insurance premiums rise despite growing exclusions