The 2023 Annual Data Report provides analysis of the breaches and complaints reported for the 2023 calendar year.
The report looks at the performance of the industry and focuses on areas of improvement, emerging trends and issues, and results of particular concern.
In the 2023 reporting period, we found:
- A significant rise in failures to meet policy renewal timeframes and communication standards, with breaches related to timely policy renewals jumping from 1,397 in 2022 to 2,073 in 2023 (an increase of 48%).
- A large increase in breaches related to remuneration disclosures, with 106 breaches reported compared to just 23 in the previous financial year.
- Ongoing issues with the quality of breach identification and reporting among brokers, with many continuing to submit incomplete, inaccurate, or inconsistent compliance data.
The Annual Data Report is based on our analysis of the data submitted by insurance brokers in their Annual Compliance Statements.