The general insurance industry had the second-highest proportion of self-reported breaches to the Australian Securities and Investments Commission last financial year, accounting for 25% of the total.

Credit topped the list with 31%, ASIC says in its annual reportable situations regime report, based on data provided by financial services and credit licensees.

Licensees submitted 12,298 reports during the period, and 79% of these had a financial and/or non-financial impact on customers.

As of 30 June, licensees had paid about $92.1 million in compensation over the breaches to about 494,000 customers.

By product, motor vehicle insurance placed second with 1935 reported breaches, followed by home contents cover (881) and home building insurance (865). Home loans topped the product category with 2401 reported breaches.

The reportable situations regime, formerly known as breach reporting, was introduced in October 2021 and requires licensees to notify ASIC of potential misconduct, including significant breaches of core obligations or investigations of the same.

Click here for the report.