AFCA standardisation
28 April 2020
Committee Deputy Chairman Andrew Leigh asserts that "pretty much no-one" is reading insurance documentation and says "we've just got to go full standardisation haven't we?"
Economics Committee Hearings
AFCA on disclosure
28 April 2020
Mr Locke says disclosure is a significant issue in insurance.
AFCA opening
28 April 2020
Next up is AFCA, with CEO and Chief Ombudsman David Locke...
ICA on pandemic insurance
28 April 2020
ICA says it is working with actuarial consultancy Finity to see whether insurance cover could be provided for future pandemics.
Craig Kelly on climate
28 April 2020
Now it's the turn of Craig Kelly. He's questioning ICA claims that this is our worst disaster season on record with $4.6 billion of losses.
Bandt wants faster action
28 April 2020
Mr Bandt says ICA is not showing enough urgency on climate change, and that some members want quicker action...
Bandt asks about climate change
28 April 2020
Greens leader Adam Bandt is trying to pin ICA down on its beliefs on climate change. He wants Rob Whelan to confirm exactly what the temperature rise will be...
Falinski on product intervention
28 April 2020
Committee member Jason Falinski is concerned about new product design and distribution obligations and whether intervention by regulators could see people's insurance coverage fall away.
Bushfire definitions
28 April 2020
Dr Leigh turns to bushfire definitions, asserting that many policies exclude damage caused by heat, ash or smoke...
ICA asked about royal commission
28 April 2020
Committee Chairman Tim Wilson asks about the industry's response to the royal commission, and how ICA is tracking progress, before Deputy Chairman Andrew Leigh moves on to landlord insurance...
ICA starts evidence
28 April 2020
ICA is up now. CEO Rob Whelan is giving an opening statement. He's flanked by Head of Regulation Policy John Anning and Head of Risk and Operations Karl Sullivan...
Expected tone
28 April 2020
We're not quite sure how this will play out. Politicians looking for easy headlines, or a genuine attempt to understand how the insurance industry works? We should find out soon enough...
Line-up
28 April 2020
Today's line-up features the Insurance Council of Australia, Australian Financial Complaints Authority, Allianz, Clearview, AIA and TAL...
Good morning
28 April 2020
Morning all. Today and tomorrow we'll be providing you with live updates from House of Representatives Standing Committee on Economics hearings to scrutinise the insurance industry...