The General Insurance Code of Practice (Insurance)

We all take out insurance hoping that we will never have to make a claim, but when disaster strikes, it may be difficult to determine exactly where you should start

The Code of Practice is the general insurance industry’s promise to be open, fair, and honest in the way it deals with all customers.

Insurance companies and organizations that have signed up to the Code have agreed to assist consumers in six key areas related to insurance.

Buying insurance

When you provide information to an insurer, you can be confident that only relevant information will be used to assess your application. If the company can’t provide you with cover, you’ll be given reasons for the decision and will be referred to information regarding alternative insurance options.

Making a claim

Australian general insurers pay an average of $70 million in claims each working day and the Code speeds up this process. If you are making a claim and have provided your insurer with the relevant information and no further assessment is required, you’ll be notified of their decision within 10 business days.

Time of need

If you are in financial hardship because of loss or damage resulting from the event causing your claim, the Code states that your insurance company will fast-track your claim or make an advance payment to alleviate your immediate hardship.

Repairing your property

If an insurer selects and directly authorizes a repairer, the insurance provider will accept responsibility for the quality of repairs, materials and agrees to handle any complaints that may arise regarding the quality of the repairs.

When disaster strikes

Natural disasters can impact entire communities and the Code states that insurers should be flexible and understanding when helping those affected. Insurers will provide a cooling-off period following a natural disaster so that you have time to assess the damage to your property and assets, ensuring your claim includes everything that has been lost or damaged.

The right information

The Code requires insurers to make available to consumers up-to-date, clear, concise information to assist in the understanding of how general insurance works so you, as the consumer, can make an informed decision.

Copies of the General Insurance Code of Practice are available at (Warning: Not a secure link).

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