{"id":12107,"date":"2023-08-16T00:47:41","date_gmt":"2023-08-16T00:47:41","guid":{"rendered":"https:\/\/isafespend.com\/investing\/australias-corporate-regulator-calls-for-better-handling-of-insurance-claims\/"},"modified":"2023-08-16T00:47:41","modified_gmt":"2023-08-16T00:47:41","slug":"australias-corporate-regulator-calls-for-better-handling-of-insurance-claims","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12107","title":{"rendered":"Australia’s corporate regulator calls for better handling of insurance claims"},"content":{"rendered":"
\n
\n

\u00a9 Reuters. FILE PHOTO-The Central Business District (CBD) skyline is pictured at sunset in Sydney, Australia, June 4, 2021. REUTERS\/Loren Elliott\/File Photo<\/span>
\n<\/i>\n<\/div>\n

(Reuters) -Australia’s corporate regulator said on Wednesday it had asked the country’s general insurers to improve their claims handling practices and resources after it found issues in multiple areas in a review.<\/p>\n

The Australian Securities and Investments Commission (ASIC) has commenced several investigations related to claims handling practices after its review of more than 218,000 claims lodged with six insurers, including Insurance Australia Group, QBE Insurance and Suncorp, during January-March 2022.<\/p>\n

The commission found insurers faced unduly pressure due to inclement weather events during and before the period. It also pointed out areas of improvement such as communications, project management and resourcing.<\/p>\n

A spokesperson from QBE said in an emailed response that the company would continue to work to review and address industry concerns.<\/p>\n

Youi Insurance, a private insurer part of the review, said it had considered the findings of the review and would identify opportunities for improvements in its claims handling processes.<\/p>\n

Allianz (ETR:) Australia Insurance, another private player, said it had already taken steps to enhance customer communication and claims experience. <\/p>\n

The company said it had more than doubled the size of its permanent catastrophe event claims team, in light of rising frequency of extreme weather events. <\/p>\n

ASIC Deputy Chair Karen Chester said while not all factors which impact claims might be under the company’s control, the areas identified for improvement are within the hands of insurers.<\/p>\n

Insurance Australia Group and Suncorp did not immediately respond to Reuters requests for comments. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO-The Central Business District (CBD) skyline is pictured at sunset in Sydney, Australia, June 4, 2021. REUTERS\/Loren Elliott\/File Photo (Reuters) -Australia’s corporate regulator said on Wednesday it had asked the country’s general insurers to improve their claims handling practices and resources after it found issues in multiple areas in a review. The<\/p>\n","protected":false},"author":1,"featured_media":10055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-12107","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nAustralia's corporate regulator calls for better handling of insurance claims | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO-The Central Business District (CBD) skyline is pictured at sunset in Sydney, Australia, June 4, 2021. REUTERS\/Loren Elliott\/File\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=12107\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia's corporate regulator calls for better handling of insurance claims | iSafeSpend\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. FILE PHOTO-The Central Business District (CBD) skyline is pictured at sunset in Sydney, Australia, June 4, 2021. REUTERS\/Loren Elliott\/File\" \/>\n<meta property=\"og:url\" content=\"https:\/\/isafespend.com\/?p=12107\" \/>\n<meta property=\"og:site_name\" content=\"iSafeSpend\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-16T00:47:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/LYNXNPEB9606Q_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"728\" \/>\n\t<meta property=\"og:image:height\" content=\"485\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/isafespend.com\/?p=12107#article\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/?p=12107\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\"},\"headline\":\"Australia’s corporate regulator calls for better handling of insurance claims\",\"datePublished\":\"2023-08-16T00:47:41+00:00\",\"dateModified\":\"2023-08-16T00:47:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/isafespend.com\/?p=12107\"},\"wordCount\":281,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/isafespend.com\/?p=12107#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/isafespend.com\/?p=12107\",\"url\":\"https:\/\/isafespend.com\/?p=12107\",\"name\":\"Australia's corporate regulator calls for better handling of insurance claims | iSafeSpend\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/#website\"},\"datePublished\":\"2023-08-16T00:47:41+00:00\",\"dateModified\":\"2023-08-16T00:47:41+00:00\",\"description\":\"\u00a9 Reuters. FILE PHOTO-The Central Business District (CBD) skyline is pictured at sunset in Sydney, Australia, June 4, 2021. REUTERS\/Loren Elliott\/File\",\"breadcrumb\":{\"@id\":\"https:\/\/isafespend.com\/?p=12107#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/isafespend.com\/?p=12107\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/isafespend.com\/?p=12107#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/isafespend.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Australia’s corporate regulator calls for better handling of insurance claims\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/isafespend.com\/#website\",\"url\":\"https:\/\/isafespend.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/isafespend.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/isafespend.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/isafespend.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/isafespend.com\"],\"url\":\"https:\/\/isafespend.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Australia's corporate regulator calls for better handling of insurance claims | iSafeSpend","description":"\u00a9 Reuters. FILE PHOTO-The Central Business District (CBD) skyline is pictured at sunset in Sydney, Australia, June 4, 2021. REUTERS\/Loren Elliott\/File","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/isafespend.com\/?p=12107","og_locale":"en_US","og_type":"article","og_title":"Australia's corporate regulator calls for better handling of insurance claims | iSafeSpend","og_description":"\u00a9 Reuters. FILE PHOTO-The Central Business District (CBD) skyline is pictured at sunset in Sydney, Australia, June 4, 2021. REUTERS\/Loren Elliott\/File","og_url":"https:\/\/isafespend.com\/?p=12107","og_site_name":"iSafeSpend","article_published_time":"2023-08-16T00:47:41+00:00","og_image":[{"width":728,"height":485,"url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/LYNXNPEB9606Q_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/isafespend.com\/?p=12107#article","isPartOf":{"@id":"https:\/\/isafespend.com\/?p=12107"},"author":{"name":"News Room","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf"},"headline":"Australia’s corporate regulator calls for better handling of insurance claims","datePublished":"2023-08-16T00:47:41+00:00","dateModified":"2023-08-16T00:47:41+00:00","mainEntityOfPage":{"@id":"https:\/\/isafespend.com\/?p=12107"},"wordCount":281,"commentCount":0,"publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/isafespend.com\/?p=12107#respond"]}]},{"@type":"WebPage","@id":"https:\/\/isafespend.com\/?p=12107","url":"https:\/\/isafespend.com\/?p=12107","name":"Australia's corporate regulator calls for better handling of insurance claims | iSafeSpend","isPartOf":{"@id":"https:\/\/isafespend.com\/#website"},"datePublished":"2023-08-16T00:47:41+00:00","dateModified":"2023-08-16T00:47:41+00:00","description":"\u00a9 Reuters. FILE PHOTO-The Central Business District (CBD) skyline is pictured at sunset in Sydney, Australia, June 4, 2021. REUTERS\/Loren Elliott\/File","breadcrumb":{"@id":"https:\/\/isafespend.com\/?p=12107#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/isafespend.com\/?p=12107"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/isafespend.com\/?p=12107#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/isafespend.com\/"},{"@type":"ListItem","position":2,"name":"Australia’s corporate regulator calls for better handling of insurance claims"}]},{"@type":"WebSite","@id":"https:\/\/isafespend.com\/#website","url":"https:\/\/isafespend.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/isafespend.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/isafespend.com\/#organization","name":"Solutions For Real","url":"https:\/\/isafespend.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/person\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/isafespend.com"],"url":"https:\/\/isafespend.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/12107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12107"}],"version-history":[{"count":1,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/12107\/revisions"}],"predecessor-version":[{"id":12108,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/12107\/revisions\/12108"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/media\/10055"}],"wp:attachment":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}