Life insurance industry response to code review promising, but proof will be in the pudding
Consumer groups have welcomed the Council of Australian Life Insurers (CALI) response to the recommendations made by the independent reviewer of the Life Insurance Code of Practice, Peter Kell. The Life Code plays an important role in consumer protection as it establishes standards of conduct for the life insurance industry, alongside the law- underpinning community […]
Home insurers failing to provide explanations for premium increases
75% of renewal notices gave no individualised reasons for price hike, CHOICE finds A new report into home insurance premiums by CHOICE and Financial Rights Legal Centre (FRLC) has revealed a stark lack of pricing transparency across the industry, despite 77% of Australians reporting concerns around home insurance premium prices – up from 52% in […]
INSURANCE: Cash settlements never a risk-free option says ASIC report
Consumer advocates say a timely new report from the Australian Securities and Investment Commission (ASIC) underscores what they have long been hearing about on their frontlines; insurance cash settlements -especially after disasters- come with huge risks, risks which are compounded by consumers not being provided with enough information to determine if accepting the offer is […]
Government needs to rein in poor insurance pricing practices
Consumers expect more from their insurers when it comes to pricing explanations. The Financial Rights Legal Centre, Consumer Action Law Centre, Financial Counselling Australia and CHOICE support ASIC’s calls for greater transparency in motor vehicle insurance premiums. ASIC’s report 838 (Road testing transparency in car insurance premiums) released today makes it clear that as insurance […]
One-sided attempts at consumer protection are not good enough, say consumer groups. The ACCC agrees.
Financial Rights plays an important role holding businesses and governments to account for both their treatment of customers, as well as their action and inaction where harms are occurring. In the last week, two important decisions have been made that go to the heart of whether business is able to set effective benchmarks for themselves […]
Government intervention required to reign in dodgy insurance definitions
Financial Rights called for the federal government to step in to standardise key insurance terms like “maintenance” and “wear and tear” as soon as possible. These terms have been over-relied on by home building and contents insurers to deny claims and causing unnecessary consumer harm for years. Financial Rights’ comes in response to the Australian […]
Why are we waiting? Business, consumer and community groups call on NSW MPs to scrap the insurance tax.
A coalition of business, consumer, community and industry organisations has called on every party in the New South Wales Parliament to commit to scrapping the insurance tax before the March 2027 state election. New South Wales is the only state that still funds emergency services by taxing home, motor and business insurance. The Emergency Services […]
Consumer groups put forward 10-point plan to improve general insurance claims handling
A coalition of consumer organisations have issued an ultimatum for general insurers to implement a 10-point plan to address significant flaws in its redrafted General Insurance Code of Practice. The Insurance Council of Australia recently released a redraft of its General Insurance Code for public consultation. A joint consumer submission to that consultation has raised […]
Lessons for the insurance industry on effective consumer engagement
Financial Rights provides consumer advice about insurance issues via the Insurance Law Service and our many self-help tools on the Financial Rights website. We also provide insights and guidance to industry, by participating in sector conferences and events. Our participation challenges industry to raise the bar, by offering insights on pain points caused by industry […]
Big banks join scheme cutting home insurance costs
Joint media release with the Hon Daniel Mulino MP and the Hon Josh Wilson MP More Australians will receive lower insurance premiums with major banks NAB and CommBank joining the Albanese Government-backed Resilience Ratings Scheme. The Albanese Government has invested $3.2 million in the world-first scheme, helping people make their homes more bushfire resilient and […]