The hearing is part of an ongoing review by the House of Representatives Standing Committee on Economics of four major Australian banks and other financial institutions.

Tim Wilson, Chair of the committee, said the hearings are ‘an important mechanism for the parliament to publicly scrutinise and hold Australia’s insurance sector to account’.

The pandemic has raised some issues relating to policy coverage in travel insurance, landlord insurance and income protection. Wilson said: “Insurance is an essential way for Australians and Australian businesses to manage risk and protect themselves from financial loss after disaster strikes. Australians must be able to rely on the insurance sector to provide high-quality policies and respond quickly when claims are made.”

The public hearings will start on 28 April and will likely be held over two days. The Insurance Council of Australia will appear first before the committee, followed by insurers such as Allianz Australia, Suncorp and IAG.