Federal Assistant Treasurer, Mal Brough, has congratulated the insurance industry for its commitment to improving customer service, transparency, and setting higher standards for general insurance cover.
"This is a major development for the insurance industry, with consumers and businesses the beneficiaries," Mr Brough said.
Today's launch of the industry's code of practice to improve transparency and overall customer service for policy holders complements state and federal government reforms to ensure more accessible and affordable insurance cover for Australians.
"The reforms implemented by the states and Australian government depend on the insurance industry doing its bit to secure a better deal for policy holders. It gives me great confidence to see the proactive approach being taken by the industry.
"We have a stable, profitable insurance industry which has recovered well from the fallout of the HIH collapse. It's important that consumers also benefit from the recovery of the industry.
"As the ACCC's report to the Australian Government has shown in recent months, insurance premiums have come down following state and federal reforms. That translates into better and more affordable access for consumers.
"In addition, consumers are right to expect the best possible service from their insurer, and that's something the industry has taken very seriously in the development of this code of practice."