The General Insurance Code Governance Committee’s (CGC) Annual Report highlights its ongoing efforts to improve industry compliance and accountability.
The report, released today, details how the CGC’s recent inquiry uncovered the high over-turn rate of claims initially denied on grounds of wear and tear following complaints customers. This underscores its pivotal role in driving systemic improvements.
The CGC put forth a series of recommendations that will benefit both consumers and industry stakeholders.
CGC Chair, Veronique Ingram, commented on the report, “Our work continues to serve as a catalyst for positive change within the industry. We are dedicated to improving overall industry practices and ensuring fair treatment for consumers.”
Delays in reporting significant breaches continue to concern the CGC.
A number of subscribers failed to report breaches in a timely manner, leading to potential risks for both consumers and the industry.
Ms. Ingram reminded subscribers of the importance of quality reporting.
“Timely and accurate reporting of breaches is paramount to safeguarding both consumers and the integrity of the industry,” she said.
The report also highlights the coming challenges facing the general insurance industry, given the expected increase in frequency of natural disasters.
Ms. Ingram advised subscribers to consider volatile claims volumes as the ‘new normal’ and prepare for anticipated weather events accordingly.
“In times of increasing crises, it is imperative that the insurance industry adapts to keep consumers at the forefront of its efforts. We will not accept subscribers using the same excuses in relation to poor handling of claims and complaints due to increased volumes.
“We will be monitoring the implementation and effectiveness of remedial actions and taking further action where necessary to prevent consumer harm,” Ms. Ingram said.
Read the full Annual Report on the CGC’s website.