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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
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In 2022 almost all Australian Territories and States experienced substantial flood events with New South Wales and South-East Queensland some of the worst affected areas. Now, after months of coverage over poor and variable insurer responses to flood damage and coverage, the Albanese Government is launching an inquiry into insurer responses.
Read More Inquiry into Insurer Responses to 2022 Floods Announced
John Trowbridge, a consultant and insurance industry expert who has been conducting an independent review into strata insurance, has released a handbook for navigating strata insurance, available for free here. The Disclosure Handbook is designed as a reference guide for owners, strata committees, strata managers and brokers. It has been prepared on completion of an…
Read More Free Strata Insurance Handbook Released
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From an FSC media release (02/06/2023): The Financial Services Council (FSC) is proud to announce the upcoming implementation of the New Life Code of Practice (new Life Code) on 1 July 2023, which will introduce over 50 comprehensive consumer protections that will change the way customers interact with their life insurers. FSC, CEO, Blake Briggs said: “This significant milestone…
Read More FSC to Rollout Changes to Life Insurance Code
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Despite this slight decrease in resolutions and the facilitation of other outcomes (such as correcting the status of an account), AFCA also so over $28 million more go to consumers then in the previous financial year
Read More AFCA Publishes Second Systemic Issues Insights Report
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John Trowbridge has just released the third phase of his independent review into strata or body corporate insurance practices. The synopsis found here and released on Trowbridge’s website, places priority on implementing a disclosure regime, the focus of Trowbridge’s Phase 1 paper, and working with all relevant parties to alleviate the current and ongoing market capacity problem.
Read More Trowbridge Strata Insurance Review Phase 3 – “a blueprint for affordability, availability and competition”
Original from the Insurance Council of Australia (ICA), released there on 10/05/2023. The Motor Vehicle Insurance and Repair Industry (MVIRI) Code of Conduct Committee (CAC) has received Dr Michael Schaper’s final report on the independent review of the Motor Vehicle Insurance and Repair Industry Code of Conduct (the Code). The report provides 15 recommendations in…
Read More Motor Vehicle Insurance and Repair Industry Code of Conduct – Independent Review
From Insurance Brokers Code Compliance Committee 04/04/2023 Media Release. The Insurance Brokers Code Compliance Committee (IBCCC) has urged insurance brokers to recognise the importance of reporting breaches following a concerning finding in its latest Annual Data Report. The IBCCC’s report, which looks at the performance of insurance brokers subscribed to the Insurance Brokers Code of Practice, found…
Read More IBCCC Publishes its 2021 Annual Data Report: Insurance brokers need to embrace a culture of reporting
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With extreme weather continuing to affect large parts of Australia, the importance of insurance is larger than ever. Following from CFA’s webinar on the UK’s System for Flood Insurance, this webinar will examine measures to improve affordability and access of general insurance, including home & contents insurance. It was hosted by CFA on the 7th…
Read More Watch CFA webinar: Is Insurance an Essential Service? Promoting affordability & accessibility for all
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This webinar was designed for CFA members, consumer advocates and others to learn from the experience in the UK with flood insurance and relief. It was hosted by CFA on the 6th of September 2022, and was followed by a webinar on the affordability and access of insurance. Below, watch presentations by: Andy Board, CEO,…
Read More Watch CFA Webinar: Flood Insurance and Relief – the UK experience
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The Australian Financial Complaints Authority (AFCA) has received more than 2,000 complaints from flood-affected consumers in the year since the devastating South-East Queensland/northern NSW storms, with delays in claim handling the most significant issue. This is a media release from the Essential Services Commission. It was originally published on 27th February, 2023. Disputes with insurers in the…
Read More AFCA receives over 2000 complaints in year since SEQ/NSW floods
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Strata insurance is growing in Australia as a result of more people living in multi-occupier buildings and properties across the county. However, there are a some key problems identified with strata insurance, including: strata managers commonly receive rebates of broker commissions and simultaneously brokers charge fees to owners’ corporations: both of these practices are confusing…
Read More Trowbridge Review of Strata Insurance Practices
