Insurance Archives - Page 6 of 15 - Consumers' Federation of Australia

1 December , 2022

Health funds continue to return profits to meet COVID-19 commitments

Health insurers have handed back to policyholders about $2.1 billion of the profits they gained from a reduction in claims between the start of the pandemic and 30 June 2022, the ACCC’s latest report into the private health insurance industry has found. Figures submitted by insurers to the Department of Health and Aged Care show…

1 December , 2022

Insurers record an increase in significant breaches of the Code of Practice

A substantial increase in significant breaches of the General Insurance Code of Practice points to a concerning trend among insurers, according to the Annual Report of the General Insurance Code Governance Committee (GICGC) published today. The 2021-22 Annual Report highlights the increase in significant breaches, noting that a large number were related to customers being…

29 November , 2022

Webinar: Is Insurance an Essential Service? Promoting affordability & accessibility for all

With extreme weather continuing to affect large parts of Australia, the importance of insurance is larger than ever. Following on from CFA’s webinar on UK’s System for Flood Insurance, this webinar will examine measures to improve affordability and access of general insurance, including home & contents insurance. December 7th 20221 – 2pm AEDT This event will…

29 November , 2022

New liquidator data reveals ‘targeted exploitation’ of First Nations communities through Centrepay system

Youpla’s liquidators also revealed the company has had over 150,000 policies active at different times between 1992 and 2019, with around 20,000 still active in 2019. This reveals the scale of the harm caused to First Nations communities and provides insight into how their exploitative model relied on ‘churning’ sign-ups and cancellations to maximise profits…

28 November , 2022

Insurance broker company culture producing better outcomes for customers

The Insurance Brokers Code Compliance Committee (IBCCC) has released an Own Motion Inquiry report examining how subscribers to the Insurance Brokers Code of Practice drive good behaviours and encourage a culture of compliance within their organisation. Following the Culture is Key report, published by the IBCCC in November 2021, the Own Motion Inquiry report is…

29 October , 2022

Federal Government to develop standard insurance definitions and review standard cover regime

An Albanese Government initiative to help reduce the cost of insurance in communities at risk of natural disasters, will enhance mitigation measures and drive better outcomes for insurance holders. The Hazard Insurance Partnership and Strategic Insurance Project aims to address rising insurance premiums and help communities be better prepared for disasters. Federal Minister for Emergency…

28 October , 2022

Life CCC welcomes additional consumer protections

The Life Code Compliance Committee (Life CCC) welcomes the announcement of additional consumer protections for the Life Insurance Code of Practice (the Code). The Financial Services Council (FSC) announced the first industry-wide guidelines on family and domestic violence for life insurance. From July 2023, under the new Code, life insurers must develop and publish their…

26 October , 2022

First Nations advocates welcome $7.2m in Budget for interim Youpla scheme

The Save Sorry Business Coalition has welcomed the Federal Government’s initial $7.2 million Budget allocation for the Youpla Funeral Benefits Program. This interim scheme will help a small percentage of First Nations families affected by the collapse of Youpla to conduct the important cultural practice of Sorry Business. This initial commitment is a first step…

5 September , 2022

ASIC review finds room for improvement remains with life insurance claims handling

ASIC’s review of nearly 4800 individual disability income insurance (IDII) claims received between 1 January and 30 June 2021 has found more work is needed by insurers to ensure that consumers are protected from unfair practices in non-disclosure investigations and physical surveillances. As a result of ASIC’s review, some life insurers have made improvements to…

5 September , 2022

Insurance in a Changing Climate – Event summary

The Insurance in a Changing Climate forum was held in Melbourne on 26 July 2022, with over 70 people attending from a range of sectors including financial counselling, consumer law, academia, government and industry. The event was hosted by Financial Counselling Victoria, the Brotherhood of St Laurence and the Melbourne Institute. Through three panel discussions, the forum…

25 August , 2022

Almost two in three Australians concerned about cost of home insurance

For the second quarter in a row, record numbers of people are very concerned about the cost of home insurance, according to new data from CHOICE. The nationally representative survey, conducted in June 2022, found that 64% of Australians were very concerned or quite concerned about the cost of home insurance. This is a media release from CHOICE.…

8 August , 2022

Independent Review of Strata Insurance Practices – phase 1 recommendations

Strata insurance in Australia is a growing class of insurance business as a result of the rising popularity and development of multi-owner properties across the country. However, issues have arisen for consumers living in strata schemes (known as ‘owners corporations’, ‘body corporates’ etc). These issues include: strata managers commonly receive rebates of broker commissions and…