Hollard Insurance has announced its support for the Respect & Protect campaign, an initiative aimed at preventing financial abuse, particularly within the context of domestic and family violence.
“Control and abuse in any form is unacceptable and Hollard is committed to helping protect our customers. We recognise that financial products and services, like insurance, can be misused to cause harm. We are proud to pledge our commitment to update our insurance terms and conditions, in addition to the focussed training and tools we provide to the Hollard team, to help combat financial abuse,” the company said.
This pledge follows calls for insurance industry reforms to tackle financial abuse.
In May, the Centre for Women’s Economic Safety (CWES) released a report urging Australian insurers to develop and implement strategies that safeguard against the misuse of insurance products in situations of domestic violence.
The report unveiled that financial abuse related to insurance typically involves unauthorised changes to joint policies or the redirection of claim payments to accounts that are inaccessible to victims, often leaving women financially vulnerable.
CWES CEO Rebecca Glenn noted that insurance policy terms sometimes prevent claims for damage caused by the policyholder, which can lead to denied claims in situations where an abuser intentionally damages a shared asset.
“But there are simple steps insurers can take to assist victim-survivors of financial abuse and to prevent it from occurring in the first place,” she said.
The report also highlighted the significant impact of economic abuse on women in Australia, noting that over 1.6 million women have experienced such abuse, with the direct costs to victims estimated at $5.7 billion annually. It included 19 recommendations for reforming the policies and practices of Australia’s 90 general insurers, as well as proposals for regulatory and consumer advocacy bodies.
The company’s pledge aligns with its commitment to strengthening protections for its customers against the misuse of financial products.
Hollard CEO Paul Fahey emphasised the company’s role in mitigating financial abuse.
“As an insurer supporting millions of Australians, Hollard recognises the critical role it can play in helping protect the community from financial abuse, particularly as a form of domestic and family violence,” he said.
As part of its commitment, Hollard plans to conduct a thorough review of its insurance products and services, with the goal of preventing the exploitation of financial products. It will also update its policy terms and conditions and enhance staff training to better equip employees to identify and respond to financial abuse.
The Respect & Protect campaign is designed to raise awareness among businesses about financial abuse and encourage them to incorporate specific clauses into their contracts to prevent such behaviour. It also aims to foster a business culture that ensures financial products and services are not used to cause harm.
By joining this campaign, Hollard aligns itself with approximately 20 other Australian businesses that are early adopters of this initiative, contributing to a larger effort to prevent domestic and family violence.
This initiative is part of Hollard’s broader Shared Value strategy, which focuses on generating positive social impact.
