The Insurance Council of Australia has begun implementation of its commitments made in the Industry Action Plan and will provide bi-annual progress updates via this webpage
Insurance Council of Australia
Industry Action Plan
Improving outcomes for insurance customers
In 2024, the general insurance industry was the subject of several parliamentary inquiries and reviews. All of which made recommendations to improve how insurers deal with customers and to ensure industry adaptability and sustainability.
In December 2024 the Insurance Council published an initial response, addressing many recommendations from two key reviews:
- House of Representatives Inquiry into Insurers’ Responses to 2022 Major Floods Claims (Flood Inquiry)
- Independent Review of the 2020 General Insurance Code of Practice (Code Review)
This response confirmed immediate industry support for 78 of the 187 recommendations proposed.
About the General Insurance Industry Action Plan
The General Insurance Industry Action Plan completes the industry’s response to:
- House of Representatives Inquiry into Insurers’ Responses to 2022 Major Floods Claims (Flood Inquiry)
- Independent Review of the 2020 General Insurance Code of Practice (Code Review)
- The Senate Select Committee report: Impact of Climate Risk on Insurance Premiums and Availability
- The Parliamentary Joint Committee report: Financial Abuse: An Insidious Form of Domestic Violence
The Action Plan sets a clear direction for change to improve the customer experience and industry accountability.
Areas of commitment
Industry commitments are grouped under the following themes:
- Vulnerability
- Claims and complaints handling
- Transparency
- Product design
- Governance
- Affordability
- Natural disasters
Implementation principles
Insurers will lead the implementation of actions related to internal operations and product design.
The following principles underpin the industry's approach:
- Reporting accountability: Internal governance to drive and report on delivery
- Executive oversight: Regular progress reporting to executive committees
- Transparency: Public updates on progress of agreed recommendations
- Continuous improvement: Ongoing monitoring and refinement to meet intent of recommendations
Ongoing implementation and updates
The Insurance Council has begun implementing its commitments and will publish bi-annual progress updates on this webpage.
Over the next 18 months, the ICA will collaborate with consumer advocates and regulators to ensure that implementation remains effective and aligned with the intent of the original reviews.
View the key milestones the Insurance Council aims to achieve over the next 18 months in the attached performance dashboard.
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