Recommendations handed down by a Parliamentary Inquiry birthed in Eugowra will "go a long way to fixing the massive power imbalance" between insurance companies and their customers, says MP Andrew Gee.
Now the Member for Calare, who's been working with residents of his flood-hit electorate since November 14, 2022, is calling on government and insurers to implement the changes.
Mr Gee was a member of the Parliamentary Inquiry committee that heard evidence around the State earlier this year, and while he's supported the 86 recommendations of the committee, he's published a further 38 he believes can make a real difference to insurance policy holders.
"Our local residents and I called for this inquiry because of the disgraceful and disgusting behaviour of insurance companies after the November 2022 floods," he said.
“The Assistant Treasurer and I announced the inquiry in Eugowra in July 2023.
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“The Committee then took evidence in Eugowra, Molong and all over eastern Australia.
“The evidence we heard amounts to a withering and damning indictment of the insurance industry and the way they treat their customers.
“The living hell that a number of these large insurers have put policyholders through should not be sugar-coated."
Mr Gee's additional recommendations include:
• forcing experts and claims assessors to sign up to a Code of Conduct;
• the funding of building expert reports for policyholders when complaints reach the Australian Financial Complaints Authority;
• forcing all insurers to sign up to the General Insurance Code of Practice,
• properly funding community legal organisations to help disaster hit residents;
• stopping the uncontrolled “strip outs” of policyholders’ homes after natural disasters which has been described as legalised looting.
Mr Gee says policy-holders shouldn't be made to wait for long overdue reform, and he's called on the government and insurers to step up.
"The government now needs to act on the recommendations and ensure that any necessary legislation can be passed during this term of government," he said.
“The insurance industry also needs to get cracking because the eyes of the nation are upon it.
“You can bet that I’ll be keeping the pressure on."
