Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Hansard source

The answer to the honourable member's question is as follows:

We are advised that since Cyclone Yasi in 2011, Club Marine has received over 50 thousand claims and paid out over $350 million in claims. This includes a number of extreme weather events including Cyclones Yasi, Marcia and Debbie, and other extreme storms for which over 99 per cent of claims received were paid.

It is not appropriate for the Government to intervene in private disputes. However, in situations where a policy holder is not satisfied with an outcome they should seek a review of the decision using their insurance provider's internal dispute resolution process. If a policy holder remains unsatisfied they should contact the Financial Ombudsman Service, the Australian Securities and Investments Commission, or seek legal advice.

I would note that on a date no later the 1 November 2018, consumers of financial services will be able to go to the new one-stop shop for consumer disputes, the Australian Financial Complaints Authority (AFCA). AFCA have higher thresholds than are currently available to Australian consumers. AFCA will have a monetary limit of $1 million and a compensation cap of $500,000, which will apply to most disputes, almost double the existing limits representing significantly enhanced access to redress for consumers

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