Consumer groups welcome code enforceability but wary of delays and watering down protections
Consumer groups including the Financial Rights Legal Centre, Financial Counselling Australia and the Consumer Action Law Centre, have welcomed the Insurance Council’s announcement that they will include its code of practice into the contracts they have with customers but seek assurances protections will not be watered down in the process. Quotes from Financial Rights Legal […]
Insurance sector action plan welcomed – but consumer groups warn industry that ‘trust us’ doesn’t cut it
Consumer groups including the Financial Rights Legal Centre, Consumer Action Law Centre and Financial Counselling Australia have welcomed the Insurance Council of Australia’s (ICAs) Industry Action Plan responding to the General Insurance Code of Practice Independent Review and the 2022 Flood Inquiry Recommendations. However, for this announcement to mean anything and help rebuild consumer confidence […]
“Good start, more work to do”: Consumer groups issue report card to general insurers
Consumer groups including the Financial Rights Legal Centre, Consumer Action Law Centre and Financial Counselling Australia have welcomed the Insurance Council of Australia’s (ICAs) initial industry response to the General Insurance Code of Practice Independent Review and the 2022 Flood Inquiry Recommendations, released today and called upon the sector to respond to, and accept all […]
ASIC Report casts light on general insurer’s dirty little secret
Consumer groups have called on the general insurance sector to stop with the excuses and invest some of their huge profits into proper claims and complaints handling following the release of an ASIC report into abysmal internal dispute resolution practices. Quotes attributable to: Alexandra Kelly, Director of Casework, Financial Rights Legal Centre “Australians are fed […]
Flood Inquiry Report provides clear roadmap to lift insurer standards
Consumer groups have welcomed the release of the Final Report of the Standing Committee on Economics’ Inquiry into Insurer’s responses to 2022 Major Floods. The groups have called on the insurance sector and the Insurance Council of Australia to accept all the recommendations and implement changes to their internal processes and the Code of Practice […]
Slow progress on improving family violence policies offered by general insurance industry
Despite meaningful improvement by some insurers, it remains a lottery for anyone unfortunate enough to need family violence support from their insurer. This was the key finding of an updated desktop audit of the family violence policies of 55 subscribers to the General Insurance Code of Practice. The purpose of the updated audit was to […]
Noble Oak has strongest family violence policy – desktop audit finds
Noble Oak has the strongest family violence policy in the life insurance industry. This was the finding of a desktop audit undertaken to evaluate the family violence policies of the 15 subscribers to the Life Insurance Code of Practice required to have a family violence policy. The 2023 Life Insurance Code of Practice introduced new […]
Financial Rights in the Media – More from the insurer’s response to 2022 flood inquiry
The worst practices of the insurance industry on show in government grilling By Adele Ferguson Monday 12 Feb 2024 at 6:33am, updated Mon 12 Feb 2024 at 10:33am Allan Bush lost his house in the 2022 floods.(Supplied) Allan Bush paid premiums for home and content insurance policy for more than 40 years without ever making a claim […]
Financial Rights in the Media – Insurer’s response to 2022 flood inquiry
Consumer advocates slam ‘appalling’ response from insurance companies in 2022 floods The insurance industry has been slammed by consumer groups over the ‘appalling’ treatment of Australians who suffered through devastating flooding. By Ellen Ransley – 31 January, 2024 Australians who suffered through devastating flooding events in 2022 were let down by the insurance industry, and […]
Save Sorry Business Coalition Media Statement: Latest extension of Youpla Interim Scheme must pave way for culturally appropriate scheme covering Centrepay victims
First Nations consumer advocates from the Save Sorry Business Coalition have greeted the announcement that the Federal Government will extend its Interim Youpla Scheme with a renewed call for the urgent establishment of a fair and culturally appropriate resolution for First Nations people. Advocates recognise that this extension of the scheme until 30 June 2024 […]