Tuesday, 20 December 2022

Former Deputy Chairman of the Australian Competition & Consumer Commission, Dr Michael Schaper, has been appointed to conduct an independent review of the Motor Vehicle Insurance and Repair Industry (MVIRI) Code of Conduct.

The MVIRI Code Administration Committee has appointed Dr Schaper where he will commence his role in the new year before he is expected to deliver his final report to the committee in mid-2023.

The committee, comprised of equal representatives from both the Motor Trades Association of Australia and the Insurance Council of Australia, has commissioned the review to examine:

1. Effectiveness of Dispute Resolution Processes under the Code;
2. Awareness and Accessibility of the Code;
3. Compliance with the Code;
4. Governance of the Code and CAC; and
5. Other issues pertinent to the effective governance and operation of the Code.

Dr Schaper has conducted a number of major independent reviews for government and international bodies, has written and researched extensively on dispute resolution systems affecting small business operators, and currently serves as the independent chair of another industry code committee outside the automotive sector. He also previously served as the inaugural Small Business Commissioner for the ACT government.

The MVIRI Code is intended to promote transparent, informed, effective and co-operative relationships between smash repairers and insurance companies.

Since its inception in 2006, the MVIRI Code of Conduct has undergone multiple reviews to ensure it remains fit-for-purpose, with the last review undertaken in 2017.

Contact:
MVIRI Chair Stephen Jenkins
Phone: 0447 094 126
Email: www.abrcode.com.au/contact-us

Tuesday, 6 December 2022

The Insurance Council of Australia (ICA) and insurers will be in Eugowra and Forbes next week to assist flood-impacted communities with their insurance claims.

More than 4280 claims have been lodged for flood damage in the region: 2880 property claims and 880 motor vehicle claims.

The ICA and insurers will host a community information session and in-person customer meetings.

The community information session is an opportunity for impacted central west NSW customers to learn about the insurance claim process, the in-person meetings offer the opportunity to discuss their individual claims with insurance company representatives.

Appointments are essential for the community information sessions and the in-person customer meetings with insurers.

To book an in-person meeting with your insurer go to www.insurancecouncil.com.au/Bookings

To register for a community information session go to  www.insurancecouncil.com.au/InfoSessions

Eugowra

• Monday 12 December 10 am – 4 pm - In-person customer meetings with insurers.
• Monday 12 December 5 pm – 8 pm - Community information session. Insurers will be available to assist with customer questions.

  Venue - Eugowra Bowls & Recreation Club, 5 Hill Street Eugowra

Forbes

• Tuesday 13 December 10 am – 4 pm - In-person customer meetings with insurers.
• Tuesday 13 December 5 pm – 8 pm - Community information session. Insurers will be available to assist with customer questions.

  Venue - Forbes Town Hall, Harold Street Forbes

Quote attributable to ICA CEO Andrew Hall:

The floods that have impacted the Central West of New South Wales have been particularly devastating for residents of Eugowra and Forbes.

So often it’s just easier to talk to someone in person which is why the Insurance Council and insurers have been on the ground since these floods in recovery centres, and next week will continue facilitating face-to-face customer engagement.

These community information events will provide an overview of the claims process as well as how to address a dispute or complaint.

The in-person meetings with insurers provide the opportunity to go through a claim in detail, experience has shown this has enabled claims to be processed more quickly and for complex matters to be clarified.

Wednesday, 30 November 2022

New data released by the Insurance Council of Australia (ICA) today shows that the insurance bill for storms and floods since January 2020 has topped $12.3 billion.

Every eastern state has been significantly impacted by flooding over the last three years, while South Australia and Western Australia have been hit by storms and cyclone activity over that period.  

Since January 2020 almost 788,000 claims related to floods and storms declared Insurance Catastrophes or Significant Events have been received by insurers, meaning that in just three years one in 25 adult Australians has made an insurance claim because of this wild and wet weather.  

The cost of this year’s February-March floods has now reached more than $5.65 billion, surpassing the 1999 Sydney hailstorm in cost and making it the most expensive natural disaster in Australia’s history.  

The February-March floods have seen more than 237,000 claims lodged, and insurers have now paid out $3.54 billion and closed 69 per cent of claims from this event.  

The July severe weather that inundated parts of western Sydney and surrounds has resulted in almost 22,000 claims at a cost of $244 million. 

The mid-October storms and floods that cut across Tasmania, Victoria and New South Wales have generated more than 17,200 claims with estimated insured losses of $477 million. 

The flooding impacting the Central West of New South Wales has so far resulted in nearly 3,600 claims lodged. With insurers currently deployed and assisting affected communities, an estimate of the extent of the damage bill is still being determined.  

Quote attributable to ICA CEO Andrew Hall:   

Each one of the 788,000 wild and wet weather claims lodged with insurers over the past three years represents a significant disruption to an Australian homeowner, tenant, landlord, business owner, primary producer or motor vehicle owner.  

The fact that one in 25 of us has had to lodge an insurance claim because of this extreme weather is very sobering.  

We must not ignore what this data is telling us to do – invest in community-level mitigation, home retrofits, home buybacks in the most extreme cases, and better early warning systems. 

We also need to stop building homes and in harms’ way and make new homes stronger.  

While these figures show the massive impact of extreme weather events, they also show how hundreds of thousands of Australians have been helped back on their feet by their insurer.  

Given the scale of this year’s flooding in northern New South Wales and south-east Queensland it’s pleasing that more than two thirds of claims from this event are now closed, and insurers are working around the clock to close out the remainder.