Quicker payouts on policy claims
A proposed new code of practice for insurers would mean faster claims processing and payouts to victims of natural disasters. The code would require insurers to respond to domestic and small business claims within five days and provide clear reasons for decisions made. Consumer groups have been given three months to respond to the draft code. The Australian Consumers' Association said there is room for improvement in reducing insurers' jargon. The code is expected to be adopted by 90 per cent of Australia's insurers with compliance monitored and enforced by Insurance Enquiries and Complaints Ltd.