ASIC Announces 2025 Focus on Insurance Pricing and Claims Handling
ASIC Announces 2025 Focus on Insurance Pricing and Claims Handling
0
The Australian Securities and Investments Commission (ASIC) has unveiled its enforcement priorities for 2025, placing a significant emphasis on insurance pricing practices, claims handling, and complaints processes.
This initiative aims to enhance consumer protection and ensure fair practices within the insurance industry.
Sarah Court, ASIC's Deputy Chair, highlighted the regulator's commitment to addressing misleading pricing practices that complicate financial decisions for Australians. Over the past year, ASIC has intensified its oversight, doubling new investigations and nearly doubling court filings to enforce compliance.
For beauticians, this regulatory focus is particularly pertinent. The beauty industry often involves complex insurance needs, including coverage for client injuries, property damage, and business interruptions. Understanding how these regulatory changes may impact insurance policies and claims processes is crucial.
Beauticians should consider the following steps to align with ASIC's focus:
Review existing insurance policies to ensure they comply with current regulations and provide adequate coverage.
Stay informed about changes in insurance pricing and claims handling practices.
Engage with insurance providers to understand how these regulatory priorities may affect their policies and premiums.
By proactively addressing these areas, beauticians can better protect their businesses and clients, ensuring compliance with evolving industry standards.
Published:Monday, 1st Dec 2025 Source: Paige Estritori
The Australian Chamber of Commerce and Industry, in collaboration with the Insurance Council of Australia, has released a report highlighting the urgent need for coordinated reforms to address the escalating insurance premiums affecting small and medium-sized enterprises (SMEs). The report underscores that soaring premiums are compelling many SMEs, including beauty salons, to either forgo insurance or reduce coverage, posing significant risks to their operations. - read more
The Australian Financial Complaints Authority (AFCA) recently ruled that a home-based waxing salon operated by a Suncorp customer constitutes a business, not merely a hobby. This decision has significant implications for beauticians managing home-based operations, particularly concerning insurance disclosures and compliance. - read more
The Australian Securities and Investments Commission (ASIC) has unveiled its enforcement priorities for 2025, placing a significant emphasis on insurance pricing practices, claims handling, and complaints processes. This initiative aims to enhance consumer protection and ensure fair practices within the insurance industry. - read more
In response to the catastrophic flooding that has devastated parts of western Queensland, WFI Insurance has stepped forward with a substantial donation of $250,000 to Rural Aid. This contribution is aimed at bolstering relief efforts for farming communities grappling with the aftermath of the region's most severe floods in half a century. - read more
Shareholder agreements lay the cornerstone for stable business relationships and continuity in Australia. Acting as a contract among business owners, these agreements set forth the expectations, rights, and obligations of all parties involved. They are particularly vital in delineating clear paths for dispute resolution, succession planning, and the transfer of ownership shares under varied circumstances, including the untimely death or departure of a shareholder. - read more
Income protection insurance is a vital safety net for many Australians, offering financial stability when unexpected circumstances like illness or injury occur. Despite its importance, there are numerous misconceptions surrounding this type of insurance, leading to confusion and inadequate coverage among consumers. - read more
Insurance is an essential component of achieving financial stability. In life, unexpected events such as illnesses or accidents can pose serious financial challenges. Without adequate preparation, these can disrupt your finances significantly, making recovery even more complicated. This is where the crucial role of insurance becomes apparent. - read more
Life insurance is a contract between an individual and an insurance company. The insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. - read more
Start Here !
Apply now for your free Insurance assessment and price comparisons!
All quotes are provided free and without obligation. We respect your
privacy.
Knowledgebase
Whole Life Insurance: A type of life insurance that provides coverage for the insured's entire lifetime, with a savings component that builds cash value.
