Why the General Insurance Code Review Matters for Real Estate Agencies

The review began in November 2023 and later produced more than 100 recommendations. The industry has since been preparing a redrafted code that is expected to be ASIC-approved and contractually enforceable. That matters because a stronger code can shift expectations from broad promises of good conduct to clearer obligations that insurers may be held to when customers experience delays, poor communication or disagreement over claim outcomes.

While the reform is not aimed solely at real estate professionals, agencies rely on a mix of general insurance products to keep their businesses operating. Depending on the business, this may include office and contents cover, public liability, commercial motor, cyber-related protection and other business package policies. When a claim occurs, the difference between a clear process and a confusing one can affect cash flow, client service and operational continuity.

The areas attracting attention include claims management, cash settlements, temporary accommodation and dispute resolution. For agency owners and property managers, the claims management and dispute resolution elements are especially relevant. A fire, storm, theft, vehicle accident or public liability incident can quickly create practical problems: damaged office equipment, disrupted inspections, delayed client communications or out-of-pocket costs while a matter is assessed.

This is also an extension of broader regulatory pressure already shaping insurance in 2026. ASIC has been scrutinising claims handling, online advertising and product governance, while affordability and transparency remain recurring concerns for households and businesses. A more enforceable code will not remove the need to choose appropriate cover, but it may lift the baseline for how insurers respond when policyholders need support.

Real estate businesses should use this moment to review how well their current policies are documented and understood. Key questions include:

• Do staff know who to contact immediately after an incident?
• Are sums insured current for office equipment, technology and fit-out?
• Are claim notification requirements clear across professional indemnity, public liability and business package policies?
• Has the agency checked whether exclusions or sub-limits could affect likely claim scenarios?

For agencies reviewing their cover with a broker, the code review is a timely reminder to look beyond premium alone. Service standards, claims support and policy wording can be just as important as price. If your agency is planning to compare quotes, make sure the discussion includes how claims are handled, not just what the policy costs.