New data collected by ASIC and APRA shows insurers AMP and Asteron are falling far behind industry norms for claim times and dispute ratios:
Hopefully not a warning of worse to come?
There were similar issues with insurer HIH in the year or more leading up to it’s collapse.
I was one of their customers and had a claim in process barely six months prior to their end. The most unhappy insurance experience of a lifetime.
And FAI before them, and whom HIH took on the clients and debts of after the FAI fail. Then Allianz I think stepped in to take the clients but not the debts from memory of my interactions with them all. A collapsing house of cards until Allianz shed the debts as part of their takeover/rescue.