Insurance Archives - Consumers' Federation of Australia

19 September , 2024

Savings from Cyclone Reinsurance Pool Present, Offset by Cost Increases

The Australian Government’s cyclone reinsurance pool has begun delivering lower premiums for some consumers in some regions facing higher risk of cyclones, the ACCC’s third insurance monitoring report has found. However, the savings generated by the reinsurance pool have been offset to varying extents by other cost increases affecting insurance markets. These costs include the broader hardening…

21 August , 2024

NSW Government Proposes Nation’s Strictest Disclosure Obligations for Strata Managers

The New South Wales government has introduced groundbreaking legislation that imposes the strictest obligations on strata managers in Australia regarding the disclosure of insurance commissions. This legislative move follows a series of public concerns, including those raised by ABC’s 7:30 Report and ACIL, which earlier this year referred 146 instances of misconduct to regulatory authorities.…

8 August , 2024

Over 70% of Consumers Experience Poor Customer Service

CHOICE survey of 6000 consumers reveals many businesses are giving consumers the run-around A new survey of 6000 CHOICE supporters has found that almost 3 in 4 (73%) have experienced poor customer service from a business they dealt with in the preceding year, and 85% believed that customer service provided by businesses is getting worse. …

15 July , 2024

Joint Call for Action: Addressing Insurance Affordability in Queensland

The Australian Consumers Insurance Lobby Inc, Financial Rights Legal Centre (which operates the national Insurance Law Service), Queensland Consumers Federation, Consumers Federation of Australia, Unit Owners Association of Queensland and Owners Corporation Network are united in calling on the Queensland Government to show leadership in addressing the escalating crisis of insurance affordability. In the face…

2 July , 2024

Consumer Representative – General Insurance Code Governance Committee

The General Insurance Code Governance Committee (CGC) is an independent body that monitors and enforces insurers’ compliance with the General Insurance Code of Practice. The Code covers many aspects of a consumer’s relationship with their insurer, from buying insurance to making a claim, to providing options to those experiencing financial hardship, to the process for…

3 June , 2024

Insurance Affordability and Natural Hazards Risk Reduction Taskforce

The Albanese Government is establishing the Insurance Affordability and Natural Hazards Risk Reduction Taskforce as part of the federal budget to develop an integrated, cross?government approach to minimising the impacts of disaster on the community and help address insurance costs driven by more frequent and intense weather events. The government is committed to working with insurers and…

7 May , 2024

Insurers Continue to Struggle Meeting Claims Timeframes

The general insurance industry continues to struggle meeting claims handling timeframes according to the latest report from the General Insurance Code Governance Committee (CGC). The Annual Data and Compliance Report, published today, highlights more than 45,000 claims handling breaches of the industry Code of Practice in the 2022-23 reporting period, an increase of 16%. Chair…

7 May , 2024

Financial Rights Publishes Report on Best Practice in Life Insurer Family Violence Policies

The 2023 Life Insurance Code of Practice (the Life Insurance Code) introduced a requirement for insurers to have family violence policies available online for their customers. For many life insurers this will be the first publicly available written policy indicating how they will support customers experiencing family violence. Family violence – in the form of…

22 April , 2024

Financial Counselling Industry Fund Launches

More Australians will now have access to support from financial counsellors with the launch of the Financial Counselling Industry Fund (FCIF). The FCIF is the result of a collaboration between the financial counselling sector and a number of industries and companies – Australian Banking Association member banks, Australian Energy Council, Energy Networks Australia, Insurance Council…

18 April , 2024

Independent Code of Practice Review call for Written Submissions

The independent panel reviewing the 2020 General Insurance Code of Practice (Code) hasreleased the first of two consultation papers and is calling for written submissions from the public.The independent three-member panel, chaired by former APRA Deputy Chair Helen Rowell, isseeking feedback on the practical operation of the Code and relevant external developmentsincluding: Ms Rowell encouraged…

9 April , 2024

Life Insurance Annual Data and Compliance Report 2022-2023: The Fall and Rise of Breaches

Total breaches of Code obligations have increased for a third consecutive year according to the latest report released by the Life Insurance Code Compliance Committee (Life CCC). Despite the total breaches rising by 9%, the Annual Industry Data and Compliance Report found that the number of customers impacted by breaches declined between 1 July 2022 and 30…

5 April , 2024

CWES Statement on the Inquiry into Financial Abuse by the Parliamentary Joint Committee

The Centre for Women’s Economic Safety (CWES) welcomes the establishment of aParliamentary Inquiry into the effectiveness of financial services regulation in addressing financialabuse.The move follows calls by CWES for regulatory change so the financial sector can better respond tofinancial abuse and design safer financial products.More than 85% of women experiencing domestic and family violence experience…