REP 765 When the price is not right: Making good on insurance pricing promises
Released 23 June 2023.
This report explains how failures by general insurers to manage non-financial risk have led to significant consumer harm. It also flags significant conduct issues being addressed by ASIC. The report outlines pricing failures identified by general insurers after an ASIC-initiated review of their pricing practices, and the improvements required to fix them. It confirms the standards general insurers need to meet in designing and promoting pricing promises to ensure consumers get the full benefit of any discounts promised.