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Insurer Code breaches rise
Financial Standard
|April 07, 2025
Breaches of the Life Insurance Code of Practice (the Code) increased for a fourth consecutive year, with life insurers reporting 14,670 instances of noncompliance, a 19% increase from the previous period.
The Code, the industry's north star for good practice, was breached in cases affecting more than 200,000 customers, nearly double the number impacted in the previous year, according to the Life Code Compliance Committee's 2023-24 annual report. Most insurers saw their breach count climb, with five companies responsible for 90% of all reported incidents - the report didn't disclose their identities.
As in previous years, insurers cited human error, staff failing to follow established processes and procedures, and resourcing issues as the main causes of breaches.
This story is from the April 07, 2025 edition of Financial Standard.
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