Call for Stricter Timelines on Insurance Claims and Renewals
Call for Stricter Timelines on Insurance Claims and Renewals
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
The Insurance Brokers Code Compliance Committee is advocating for significant changes to improve transparency and clarity in their industry standards, amidst ongoing reviews of the National Insurance Brokers Association (NIBA) code.
This call to action coincides with the recent closure of feedback collection from stakeholders, setting the stage for a draft report expected next month.
A major focus of the committee's recommendations is the enhancement of protection for small business clients. Currently, remuneration disclosure requirements are predominantly aimed at retail clients; however, the committee argues that small businesses should also be afforded the same level of transparency.
Another key area highlighted by the committee is the need for stricter timelines around claims and renewals. Presently, brokers are expected to “keep clients informed in a timely manner regarding the progress of their claim,” as stated in clause 7.1. However, the committee suggests a more specific commitment of providing updates every 20 business days. Additionally, they advocate for increasing the notification period for policy renewals from the current 14 days before expiry to a minimum of 30 business days in advance.
These proposed time frames are designed to align client expectations with broker obligations, fostering informed decision-making and improving the overall client experience. The committee emphasizes that such measures will enhance trust in brokers and minimize the risk of lapses in coverage.
Breach and complaint identification, along with reporting, are also under scrutiny in the committee's submission. It urges brokers to report all breaches, including those by representatives, and calls for improved training regarding the code. “Named reporting” on breaches is one of the committee's key recommendations, aiming to enhance transparency and promote better compliance practices. This approach allows firms to benchmark their performance against peers, highlighting industry outliers.
To support these initiatives, the committee proposes securing sufficient funding, enabling them to conduct their own independent investigations and reviews, arguing that reliance solely on self-reported data is inadequate for effective compliance monitoring.
The committee mentions potentially extending the code review period from the current three years to five years, contingent upon the code's approval by the corporate regulator. Such changes are intended to provide a more robust framework for oversight in the industry.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
Vero has entered the residential strata market with a new nil-commission product, initially launching in Far North Queensland and Darwin before a planned national rollout. The move is significant for owners corporations, strata committees and managers because these northern regions are among the most challenging areas in which to secure affordable and suitable building cover. - read more
Delta Insurance’s move onto Ebix Australia’s Sunrise Exchange is more than a technology update. For Australian small businesses, including domestic and home service operators, it points to a broader shift in how specialist insurance products are being accessed, compared and placed through the broker market. - read more
New industry research has underlined just how central brokers have become to Australia’s general insurance market, with broker-placed business accounting for $35.6 billion in gross written premiums in the year to 30 June 2025. That represents about 46% of all general insurance written in Australia, within a total market of $77.9 billion. - read more
NEOS has moved further into digital underwriting with the implementation of UnderwriteMe’s Decision Studio, a technology designed to improve how medical data is captured and assessed across its life insurance products. The development, announced in late June, reflects a broader shift in the Australian life insurance market: insurers are looking for faster, more consistent ways to assess applications without losing sight of fairness, accuracy and customer experience. - read more
Domain’s latest FY27 housing market forecast, covered by Property Update on 25 June 2026, points to a more fragmented Australian property cycle than many landlords have faced in recent years. Rather than a broad national upswing, the outlook suggests performance will increasingly depend on city, dwelling type, affordability and local supply conditions. - read more
Caravanning is a popular pastime for many Australians, offering the freedom to explore the great outdoors and travel at leisure. However, owning a caravan comes with its own set of responsibilities and risks. - read more
The allure of the open road and the freedom to explore has never been more inviting, or more necessary, to do so responsibly. Sustainable caravanning offers a way to embrace the joys of adventure while ensuring that the natural landscapes we cherish remain unspoiled for future explorers. But what exactly is sustainable caravanning? Essentially, it is the practice of minimizing our environmental impact while enjoying life on the road. - read more
Welcome to your guide on Essential Caravan Maintenance: Protecting Your Home on Wheels. Like any home, your caravan is your sanctuary, a place of comfort and security as you travel and explore. However, it's crucial to remember that this rolling residence requires regular check-ups and tune-ups to ensure it remains a safe and reliable haven. - read more
Caravanning has seen a rise in popularity across Australia, with many discovering the joys of hitting the open road and exploring the vast landscapes that the country has to offer. From coastal trips to inland adventures, caravanning provides the flexibility and freedom that many travelers are seeking. - read more
Caravan insurance is designed to protect your financial interests when you own a caravan. Just like any vehicle or property insurance, it provides coverage for damage, theft, or accidents. Given the unpredictable nature of travel and the investment involved in a caravan, having the right insurance is crucial for peace of mind. - read more
Knowledgebase
Trauma Insurance: An insurance that pays a lump-sum amount on the diagnosis of one of several critical illnesses or events
No comments yet. Be the first to share your thoughts.