The Australian Financial Complaints Authority has updated its datacube resource, which provides statistics on disputes by product or company. 

Here we pull out some key findings from the latest information, which covers last financial year.

It’s important to bear in mind that numbers of complaints are heavily influenced by the amount of business written, so higher numbers do not necessarily indicate poor performers. 

Also important to note is that figures may differ from those contained in AFCA’s annual review, because the datacube only includes companies recording four or more complaints.

General insurers

General insurers recorded 21,568 complaints received last financial year, with $154.2 million paid out in compensation. About 38.68% of progressed complaints related to home building insurance and 29.6% were about motor insurance. In the previous financial year, 22,030 complaints were received.

There was a 48% resolution rate and 4% non-response rate at registration and referral. In the previous financial year, these figures were 43% and 11% respectively.

Some 1927 complaints reached the decision stage, and 33% of decisions were in favour of the complainant.

The most complained about general insurers were Suncorp, with 5881 complaints received, and IAG, with 3595. This is to be expected, because they are the largest general insurer members. Allianz was next on 1736, followed by QBE on 1620.

The previous financial year, the top four were in the same order – Suncorp on 5787, IAG on 3782, Allianz on 2053 and QBE on 1726.

Underwriters/underwriting agencies

The datacube has a separate section for underwriters/underwriting agencies. Some 4342 complaints were received, with $11.3 million of compensation paid. The previous financial year, 3522 complaints were received.

There was a 45% resolution rate and 7% non-response rate at registration and referral, which had improved from 42% and 10%. Some 328 complaints reached the decision stage and 30% went in favour of the complainant.

Auto & General dominates this section in terms of complaints received, with 2940 last financial year. AWP Australia had 359, Petsure 195 and Open Insurance 183.

General insurance brokers

Just 447 complaints were received about general insurance brokers, but this figure was almost double the 224 of the previous financial year. Small business/farm insurance was the most complained about product, followed by home building insurance.

The non-response rate was much higher than for insurers, at 26%. There was a 39% resolution rate at registration and referral. 

Only 17 complaints reached the decision stage, with 36% in favour of the complainant.

Coverforce Insurance Broking received most complaints, at 141, with Cover Genius next on 49, followed by Ausure on 28 and NLC Insurance on 27.

Life insurers

Life insurers received 1771 complaints – almost level with the 1769 received the previous financial year.

Some 23% of complaints were resolved at registration and referral, and there was a 2% non-response rate; 227 complaints reached decision stage and 22% of decisions went in favour of the complainant.

TAL Life had the most complaints received, with 490. AIA Australia had 300, Resolution Life Australia received 281 and MLC 168. 

The datacube can be accessed here.