The General Insurance Code Governance Committee says its actions during the 2024-25 financial year have helped address serious issues within the industry.

The committee today released its annual report, which details its monitoring, inquiries and enforcement work.

During the year, the committee conducted 14 remediation audits, overseeing the return of $2.9 million by insurers to 13,528 customers affected by breaches. 

It also imposed sanctions on two insurers for systemic failures.

Chair Veronique Ingram says the committee’s work is helping insurers deliver better outcomes.

“When insurers identify and correct issues, customers experience fairer outcomes. It also leads insurers to strengthen their systems for the future,” she said. 

“These outcomes show the impact that effective oversight can have for customers.”

See ANALYSIS.