Insurers on edge as parliament prepares to unveil flood report

Insurers on edge as parliament prepares to unveil flood report | Insurance Business Australia

Catastrophe & Flood

Insurers on edge as parliament prepares to unveil flood report

Committee highlights information list for insurance complaints and dispute resolution

Catastrophe & Flood

By
Roxanne Libatique

The House of Representatives Standing Committee on Economics is set to release its report today, October 18, reviewing the insurance industry’s response to claims from the 2022 floods.

Initially due earlier, the report’s release was extended in July, with the new deadline set for October 2024.

These natural disasters highlight the insurance sector’s crucial role in helping communities recover. However, the ICA also noted that extreme weather can disrupt essential infrastructure and supply chains, requiring both industry and government involvement in long-term recovery and disaster mitigation efforts.

Insurance complaints and dispute resolution

In light of discussions on insurers’ response to 2022 flood insurance claims, the House of Representatives Standing Committee on Economics noted that the ICA provides guidance on resolving disputes with insurers, including options for internal resolution and external channels through the Australian Financial Complaints Authority (AFCA).

While the ICA offers general information, it does not provide specific advice to individual consumers or manage complaints directly. However, in response to the increasing impact of severe weather, the ICA has introduced a new General Insurance Industry Charter.

It also advised consumers with concerns about broader issues to contact the Australian Securities and Investments Commission (ASIC). Additionally, the Financial Rights Legal Centre offers legal assistance and advice to those experiencing financial distress related to insurance.