Code watchdog targets pricing, complaints handling
Compliance with rules on pricing transparency, complaints handling and vulnerable customers are “main priorities” for the industry’s code of conduct monitor this financial year.
“These are the areas where we will direct the most resources, monitoring compliance closely through targeted reviews and a thematic inquiry,” the General Insurance Code Governance Committee said.
The monitor produced its 2025-26 priorities paper after a consultation with stakeholders that included submissions from the Insurance Council of Australia and consumer advocates.
On pricing transparency, the committee says consultation respondents “raised concerns about insurers not providing clear explanations for why a consumer’s insurance premium has increased”.
Similarly, respondents voiced “significant concerns about how insurers identify and handle” disputes, and about “the identification and treatment of vulnerable consumers. The increasing frequency and severity of extreme weather events means more customers are likely to experience vulnerability when lodging a claim.”
The committee will continue its work on several compliance areas targeted last financial year, including provision of information in scope of works authority forms; cash settlements; and claims delays and external experts.
Its targeted reviews of claims delays and external experts are ongoing, and it expects to publish findings later this year.
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“Depending on the findings of each of these reviews, further action may be required,” the committee said.
The watchdog has also identified “areas of interest” that require monitoring, including financial hardship, temporary accommodation and motor vehicle insurance complaints.
“At this time, we have not planned specific actions but will act if they are not being effectively managed by insurers.”
Former National Insurance Brokers Association CEO Dallas Booth has joined the committee as industry representative, taking over from Cheryl Chantry for a three-year term from July 1.
“His extensive background in insurance compliance, policy development, leadership and stakeholder engagement equip him well for this important role as our industry representative,” the committee said.
See the priorities paper here.