The association’s handbook sets out a five-stage assessment for underwriting, claims and risk teams, covering third-party dependencies and portfolio concentration.
The revised code would write insurers’ obligations into consumer contracts for the first time, and insurers would have to accept any home or motor claim still undecided after 12 months because of their...
Brokers will have 12 months from commencement to fully implement transition requirements covering strata, remuneration disclosure, vulnerable clients, record-keeping and renewals.
The trade bodies, whose members represent around US$200bn in gross written premiums, will share evidence on resilience, regulation and extreme weather, alongside emerging risks such as cyber and AI.
The industry's next priorities include stepping up anti-fraud awareness work, embedding new distribution rules, advancing risk management reforms and preparing for future catastrophe events.
The charge accounts for around 9% of premiums across levied classes, and the council warns it may push households to raise excesses and cut sums insured.
