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Driving Positive Change: ACIL Announces Winners of the Inaugural Consumer Choice and Fumble Awards


The Australian Consumers Insurance Lobby is (ACIL) is pleased to announce the winners of its first-ever Consumer Choice and Fumble Awards. These awards, part of our mission to champion change within the insurance industry, recognise both excellence and areas needing improvement.


Consumer Choice Awards - Celebrating Excellence


This year's Consumer Choice Awards honour those who have demonstrated outstanding commitment to consumer-friendly practices in the insurance sector.


  • ACT Government: Recognized for abolishing stamp duty on insurance premiums, easing the financial burden on consumers.

  • Margaret Shaw: Awarded for her advocacy in affordability and support for the Cyclone Reinsurance Pool, significantly enhancing insurance accessibility in northern Australia.

  • QBE & Allianz: Acknowledged for their exemplary dispute resolution performance, evidenced by the lowest number of disputes referred to the Australian Financial Complaints Authority among major insurers.

  • Sure Insurance: Commended for its support to consumers in Northern Australia, particularly for joining the Cyclone Reinsurance Pool and entering the market amidst industry withdrawals.


The Fumble Award - Highlighting Areas for Improvement


The Fumble Award spotlights industry practices that detrimentally impact consumers, with the aim of encouraging positive change.


This year's Fumble Award winner goes to the Cyclone Reinsurance Pool. Despite its potential, it has fallen short in delivering expected savings to consumers in Northern Australia. ACIL remains optimistic about its future improvements for consumer benefit.


Fumble Award Nominees:


  • Queensland Government: High insurance costs and significant revenue collection from consumers in cyclone and flood-prone areas, calling for a review of stamp duty policies.

  • IAG, Chubb, Auto & General and Zurich: Delayed participation in the Cyclone Reinsurance Pool, impacting the pool's effectiveness and understanding of its benefits for Northern Australia.

  • Campsie Shire Council: Approving risky construction in flood-prone areas, raising concerns about consumer safety and market stability.

  • Strata Management Industry: Questionable practices regarding insurance commissions, lacking transparency and potentially affecting consumer welfare.


ACIL continues its unwavering commitment to advocating for consumer rights and driving meaningful transformation in the insurance sector. We congratulate this year's winners for setting benchmarks of excellence and encourage all industry players to view these awards as a call to action towards a more consumer-friendly insurance landscape.


The full announcement can be found in the PDF below:


ACIL Consumers Choice & Fumble Awards
.pdf
Download PDF • 363KB

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