The Australian Financial Complaints Authority (AFCA) has activated its significant event response plan after the Insurance Council of Australia declared the Mid North Coast and Hunters floods a significant event. The activation is intended to manage a potential influx of related complaints and support a faster pathway to resolve disputes for affected consumers and small businesses across impacted Mid Coast communities and parts of the Hunter. The plan provides for early communication with relevant stakeholders and a more streamlined, expedited process for resolving related complaints. AFCA highlighted that it can generally only consider a complaint once the customer has first raised the matter with their insurer, and noted it can also handle disputes linked to financial hardship assistance from banks and other financial services providers. It also pointed to the General Insurance Code of Practice catastrophes provisions, including a 12-month cooling off period for eligible claims finalised within one month of a natural catastrophe or disaster, allowing customers to seek a review even if a release was signed.
Australian Financial Complaints Authority 2025-05-26
Australian Financial Complaints Authority activates significant event response plan for Mid North Coast and Hunter floods
The Australian Financial Complaints Authority (AFCA) has activated its significant event response plan after the Insurance Council of Australia declared the Mid North Coast and Hunters floods a significant event. The plan aims to manage expected complaint increases and expedite dispute resolution for affected consumers and small businesses. It includes early stakeholder communication and a streamlined process, allowing AFCA to consider complaints after initial insurer contact and handle disputes related to financial hardship assistance, referencing the General Insurance Code of Practice's catastrophes provisions.