General Insurance Code Governance Committee Releases Annual Data Report

The General Insurance Code Governance Committee has published their annual industry data and compliance report, detailing breach and complaints data for the 2023/24 reporting period. 

After three years of increases, the number of self-reported breaches fell by 13 per cent to 67,394. Significant breaches also declined modestly, from 123 to 115.  

The Committee welcomed these results.  

“This is an encouraging sign that insurers are strengthening their compliance frameworks and investing in better oversight”, said Veronique Ingram, Chair of the General Insurance Code Governance Committee.  

There were substantial reductions in breaches related to key consumer touchpoints such as claims and complaints handling. For example, failures to provide updates on complaint progress and claim investigations saw marked improvements. However, claims handling remained the most breached area under the Code, with subscribers reporting more than 30,000 breaches. 

To read the full report, click here.