On 25 May 2017, the Australian Government directed the ACCC to conduct a wide-ranging inquiry into the supply of residential building (home), contents and strata insurance in northern Australia.
Our inquiry, which commenced on 1 July 2017, will help to address concerns about insurance availability and affordability, promote more informed and more competitive insurance markets, and make a difference for consumers in northern Australia.
On 18 December 2018, we released our first interim report for the inquiry.
A second interim report is due to the Treasurer on 30 November 2019 and a final report on 30 November 2020.
Scope of inquiry
Matters to be considered by the inquiry shall include, but not be restricted to:
- pricing and availability of insurance to consumers in northern Australia
- key cost components of insurance pricing in northern Australia and how they have changed over time, particularly catastrophe risk
- terms and conditions on which insurance is supplied
- competitiveness of markets for insurance in northern Australia
- existence and extent of any barriers to entry, expansion and/or exit in the supply of insurance in northern Australia
- any impediments to consumer choice, including transaction costs, a lack of transparent information, or other factors
- identifying any regulatory issues, or market participant behaviour or practices that may not be supporting the development of competitive markets for insurance in northern Australia
- the profitability of insurers through time and the extent to which profits are, or are expected to be commensurate with risk.
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