ASIC Announces 2025 Focus on Insurance Pricing and Claims Handling
ASIC Announces 2025 Focus on Insurance Pricing and Claims Handling
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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
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Knowledgebase
Moral Hazard: The concept that individuals may take on more risk when they do not bear the full consequences of that risk, often relevant in insurance scenarios.
