Insights From AFCA’s Datacube

The Australian Financial Complaints Authority (AFCA) has updated its Datacube with a detailed analysis of complaints data from the 2023/2024 financial year 

The Australian Financial Complaints Authority (AFCA) has updated its Datacube with a detailed analysis of complaints data from the 2023/2024 financial year.

There were 98,626 complaints and 51,843 were resolved at registration and referral. While there was an increase in complaints compared to the previous financial year from 92,042, there was an improvement in complaints resolved at registration and referral up from 45,082. We look at the key findings related to the insurance industry.   

General Insurance Brokers 

While the complaints attributed to insurance brokers were relatively small at 448, this figure was double the 224 of the previous financial year, and the non-response rate at 26 per cent was much higher than for insurers. There was a 39 per cent resolution rate at registration and referral. 

• 17 complaints reached decision stage and 36 per cent went in favour of the complainant 

• Most complained about products were for small business/farm insurance, followed by home building insurance. 

General Insurers  

General insurers accounted for 21,572 complaints, with a 48 per cent resolution rate at registration and referral, up from 43 per cent the previous financial year. 

• 1927 complaints reached decision stage and 33 per cent went in favour of the complainant 

• $154.2 million was paid out in compensation 

Underwriter/Underwriting Agencies   

There were 4338 complaints for underwriters/underwriting agencies, with a 45 per cent resolution rate at registration and referral. 

• 328 complaints reached the decision stage and of these 30 per cent favoured the complainant 

• $11.3 million was paid out in compensation 

For more details regarding AFCA’s Datacube, see here.