The financial regulator has lashed insurance companies for failing to fix problems with dubious policies that had been known about for years, urging the industry to go beyond merely complying with the law.
APRA deputy chairman John Lonsdale: "Individual companies must make conscious decisions to do the right thing, even when not strictly required by law."Mr Lonsdale referred to the practice of selling various types of add-on insurance - such as cover sold through car yards - despite well-known problems with the products.
Speaking at the same event, ICA chairman Richard Enthoven said the insurance industry would be able to deliver fewer "adverse outcomes" for customers, but it would lead to higher prices. Australian Banking Association chief Anna Bligh said the short-term costs arising from the royal commission should be seen as an "investment" and it could not be assumed all these costs would be paid for by customers.
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