From financialnewswire.com.au: ASIC is suing Hollard Insurance for significant claims handling failures, alleging that the company breached its duty of utmost good faith regarding a home building and contents insurance claim made by a couple in Victoria.

The claim, submitted after a storm on October 31, 2021, was inadequately managed, taking nearly three years to resolve, resulting in the couple’s home becoming uninhabitable due to delays in decision-making and repairs.

ASIC seeks declarations and a civil penalty under the Insurance Contracts Act, emphasizing the harm caused by excessive delays in insurance claims.