Standardising natural hazard definitions and reviewing standard cover for insurance

We welcome the opportunity to contribute to this consultation, examining the standardisation of certain natural hazard terms, and reviewing the standard cover regime, to promote better outcomes for consumers in the event of natural disasters.2 This submission draws on the experience of AFCA, and its predecessor schemes, which have handled financial service complaints including general insurance co. [...] For example, it may be easier for insurers to instruct experts to comment on crucial issues and to use the reports obtained, lifting the consistency and performance of experts across the industry (and assisting insurers in the handling of claims and complaints). [...] The complainant said the findings in the engineer’s report were unreliable due to shortcomings in the investigations conducted, the evidence presented in the report and because it included illogical and contradictory statements. [...] AFCA decided the insurer had not established the damage to the piers and stumps was excluded and the cost of the damage should be covered in the cash settlement. [...] 2 Standard cover regime The standard cover regime in the Insurance Contracts Act, 1984 (ICA) requires insurers to offer a certain level of cover unless: • before the contract was entered into, the insurer ‘clearly informed’ the insured in writing; or • the insured knew, or a reasonable person in the circumstances could be expected to have known, that the insurance contract provided less than the s.