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“In times of increasing crises, it is imperative that the insurance industry adapts to keep consumers at the forefront of its efforts. We will not accept subscribers using the same excuses in relation to poor handling of claims and complaints due to increased volumes.”
Read More General Insurance CGC’s Annual Report Released
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The Australian Financial Complaints Authority (AFCA) has recently published (19/10/2023) its latest ‘Systemic Issues Insights Report’, covering the second half of the 2022 to 2023 financial year. During that time AFCA received 81 reports, 55 of which were related to systemic matters.
Read More Australian Financial Complaints Authority Latest ‘Systemic Issues Insights Report’
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The Life Insurance Code Compliance Committee (Life CCC) prioritised supporting a smooth transition to the new Code of Practice in 2022-23, according to its Annual Report.
The Annual Report 2022-23, published today, noted how the work of the Life CCC helped life insurers to proceed with clarity in aligning systems, processes and practices to new obligations in the Code.
The new obligations and additional consumer protections came into effect on 1 July 2023.
Read More Life Insurance Code Compliance Committee Releases First Annual Report Under the New Code of Practice
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Single parents who want to cover their children on their policy will be slugged with an increase of up to 60–70% in many cases. Sometimes they’ll even pay twice as much.
Read More Single Parents Unfairly Priced Out of Health Insurance
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“Natural disasters can be one of the most complex issues to navigate when it comes to insurance,” says CHOICE insurance expert Jodi Bird.
“There are some simple things you can do right now to make things easier should you become affected by a bushfire and need to make a claim.”
Read More Preparing for a Bushfire Insurance Claim
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Research conducted by CHOICE in 2022 found many Australians aren’t aware of what insurance they have through their super. Only 54% of respondents knew how much they paid for insurance, and just 51% knew what situations their super insurance covered.
Read More Calls for Independent Inquiry into Super Insurance Gaps
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One-and-a-quarter million Australian households face home insurance affordability stress
Read More Priced Out – House Insurance Affordability
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In its Annual Report, the Insurance Brokers Code Compliance Committee (IBCCC) welcomed an increase in the number of brokers that reported breaches and complaints, but had concerns that too many continue to report zero breaches or complaints.
Read More IBCCC Sees Improvement but Serious Concerns Remain Over Underreporting of Breaches
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Deputy Chair Karen Chester said, ‘An insurance claim doesn’t have to be handled perfectly, but it must be handled well. Our claims handling review found good practices and poor practices across all six insurers. We identified five areas where insurers can and should make immediate claims handling improvements – consumer communications, project management, identifying vulnerable consumers and complaints, resourcing of claims and complaints handling’.
Read More ASIC: Insurers Can and Should Improve Claims Handling
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Last week the Australian Government announced its intention to form a Senate Inquiry into insurer response to the 2022 floods. This week, according to a media release from Minister for Financial Services and Assistant Treasurer the Hon. Stephen Jones MP, will be presenting the motion for its consumer-focused Inquiry to the house this Monday, August 7th.
Read More Presentation Date, Terms of Reference Announced for Flood Insurance Inquiry
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“We are deeply concerned by the volume of complaints consumers are having to escalate to AFCA,” chief ombudsman David Locke says. “It’s not fair on consumers and not good for business. We need to see a significant improvement from firms.”
Read More Record Number of Financial Complaints for Second Year in a Row
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The General Insurance Code Governance Committee (CGC) has just released a report, Thematic Inquiry into Making Better Claims Decisions, analysing instances from six insurance providers (who subscribe to the General Insurance Code of Practice) where initially denied claims were later accepted after an Internal Dispute Resolution (IDR) process.
Read More CGC Thematic Inquiry into Better Claims Decisions
