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Category: Insurance

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First-ever cross-sector coalition unites to tackle Australia’s home insurance crisis

For the first time, insurers, actuaries, banks, community legal centres, academics and consumer advocates have united behind a single blueprint to improve home insurance affordability The Housing Resilience Action Plan 2030 outlines more than 50 concrete actions, a clear timeline and a direct call on the Federal Government to act within six months Sydney, 30 […]

Third insurer sanctioned in 12 months

Consumer advocates have condemned repeated failings by insurance companies after the General Insurance Code Governance Committee (CGC) imposed sanctions on AIG Australia Limited (AIGAL) for serious breaches of the General Insurance Code of Practice. This is the third financial sanction in 12 months imposed by the CGC on an insurer. It highlights a troubling pattern […]

Insurers once again shown to be failing customers, not meeting expectations

Consumer groups including Financial Rights Legal Centre, Financial Counselling Australia and Consumer Action Law Centre, have backed calls from the insurance regulator ASIC to improve insurance claims handling processes now. This follows a release of a review of insurer’s actions since 2023 in addressing areas of improvement identified in its Report 768 Navigating the storm: […]

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 […]

Media Release: Lenders must rise to the occasion and support Australians currently doing it tough due to the cost of living crisis

  Financial Rights Legal Centre has welcomed ASIC’s open letter to 30 of Australia’s largest lenders calling on them to appropriately support customers experiencing financial hardship. Financial Rights – which helps run the National Debt Helpline in NSW – has seen an increase in callers to our service facing financial hardship. The National Debt Helpline […]

Media Release: Insurers must learn from claims handling failures and lift their game

Financial Rights Legal Centre has called on the general insurance industry to commit to radically improving customer communications. Clear and consistent policies, particularly around ‘wear and tear’ exclusions, also need urgent industry-wide attention. Financial Rights’ call for change is in response to the release of Report 768 Navigating the storm: ASIC’s review of home insurance […]

Broken insurance market failing to protect people in climate crisis: New report

Urgent government action needed to make home and contents insurance accessible and affordable New research from a coalition of advocacy groups has found the home and contents insurance market is failing to protect people against extreme weather events, with customers struggling to access and afford the insurance they need. The report, commissioned by CHOICE, Climate […]