ASIC warns insurers cash settlements should not short-change homeowners in need
ASIC found cash settlements in at least 63% of home insurance claims reviewed, with 52% of offers based on a single quote and four of five insurers failing to properly support vulnerable customers. Insurers are expected to make fair first offers that genuinely cover repair costs.
What it means for business
Consider reviewing cash settlement quoting practices, preferred-supplier reliance and vulnerable customer handling against the expectations set out in the review.
What does this mean for your business?
If this development touches your contracts, compliance or reporting, it may be worth a short conversation. Get in touch through our contact page and a senior lawyer will reply within one business day.
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