Insurance Archives - Page 7 of 15 - Consumers' Federation of Australia

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…

8 August , 2022

Webinar: Flood Insurance and Relief – the UK experience

This webinar is designed for CFA members, consumer advocates and others to learn from the experience in the UK with flood insurance and relief. Come along and hear from guest speakers: Andy Bord, CEO of FloodRe – a re-insurance Scheme that makes flood cover more widely available and affordable as part of home insurance. Paul Cobbing, former…

28 June , 2022

Is your insurance company watching you online and is it legal?

New research by Dr Zofia Bednarz has found insurers, using new AI and other models, may be able to collect your online data, and apart from anti-discrimination laws, there are no effective constraints on them using that data to price contracts. This is a media release from The University of Sydney: News & opinion. It was originally published…

26 May , 2022

How insurance brokers handled a year plagued by extreme weather events and Covid-19

The independent committee that monitors the Insurance Brokers Code of Practice (the Code) has released the findings of an Own Motion Inquiry into how Code subscribers responded to 2020’s trials and whether they had strategies in place to address these and any future challenges. The findings include a series of recommendations for brokers when responding to…

26 May , 2022

Independent review of strata insurance practices

CFA has supported a written submission made by a CFA member, the Queensland Consumers’ Association (QCA) to the first phase of an independent review by John Trowbridge of strata insurance practices. The review has been commissioned by the Steadfast Group, a large insurance broker network, and Phase 1 relates to the disclosure practices of intermediaries.…

5 May , 2022

Insurers are failing consumers with shoddy data practices

The insurance industry could be relying on erroneous or misleading information concerning consumers and their claims history when quoting, assessing new claims or setting premiums, a damning report commissioned by Financial Rights has found. This is a media release from the Financial Rights Legal Centre. It was originally published on 22nd April, 2022. The report Privacy Practices in General…

16 March , 2022

Victorian Pride Lobby surveying discrimination in insurance

The Victorian Pride Lobby is surveying LGBTIQA+ Australians on their experiences with and perceptions of insurance products and companies. The goal of this community survey is to provide actionable recommendations for the insurance industry to improve processes and products and for communications to be more inclusive of LGBTIQA+ customers. This survey is being conducted independently…

15 March , 2022

NIBA launches new Insurance Brokers Code of Practice

The National Insurance Brokers Association (NIBA) has launched its new Insurance Brokers Code of Practice. This is a media release from the National Insurance Brokers Association (NIBA). It was originally published on 1st March, 2022. Consumers’ Federation of Australia (CFA) made two submissions to the independent review of the Code. NIBA President Dianne Phelan said that “the…

14 March , 2022

Protecting the Basics report highlights insurance gaps

South Australian Council of Social Service (SACOSS) has released a new report: Protecting the Basics: Insurance access for people on low incomes at risk from climate emergencies. The report finds that there is a significant proportion of people in South Australia on low incomes with uninsured homes, contents, and cars because they can’t afford insurance. It…

11 March , 2022

Confusing insurance definitions for extreme weather events must be standardised

Australians who face devastating property losses following natural disasters such as the recent floods confront further hardship when trying to claim on their insurance because of confusing terms and conditions and fine print limitations in their policies. This is a media release from Financial Rights Legal Centre. It was originally published on 10th March, 2022. A new report…

8 February , 2022

Morrison Government to deliver reduced premiums through reinsurance pool

The Morrison Government has finalised the design of the reinsurance pool for cyclone and related flood damage, following consultation on the draft legislation. This is a media release from The Hon. Josh Frydenberg MP, Treasurer of the Commonwealth of Australia & The Hon. Scott Morrison MP, Prime Minister & The Hon. David Littleproud MP, Minister for Agriculture…

3 February , 2022

Life Code Compliance Committee publishes Own Motion Inquiry report

The Life Code Compliance Committee (the LCCC), the independent body that administers and enforces the Life Insurance Code of Practice, has released its Own Motion Inquiry report on subscribers’ compliance with the obligation for subscribers to provide customers with an annual notice in writing each year. The annual notice serves to remind customers of their…