Article
AFCA’S New Approach To General Insurance Claims Handling: GICOP Compliance May Not Be Enough
The Australian Financial Complaints Authority has published new guidance clarifying how insurers must handle claims, including strict timeframes and expanded compensation rules. Insurers now face potential liability beyond policy limits for unreasonable delays, and may be required to compensate claimants for non-financial losses. With storm season approaching and complaint volumes rising, these changes create significant operational and financial pressure on the insurance industry.
Gilchrist Connell
