A national comparison website for home insurance and greater power for consumers in claims settlements are among measures proposed by the ACCC in its latest Northern Australia Insurance Inquiry report, released today.
An appeal by the ACCC against a Federal Court judgment in relation to Medibank Private Limited (Medibank) has been dismissed by the Full Federal Court.
The ACCC alleged Medibank made false, misleading or deceptive representations and engaged in unconscionable conduct in relation to its failure to notify Medibank’s, and its subsidiary ahm’s, members of its decision to limit benefits for in-hospital pathology and radiology services, despite representing across a number of its communication and marketing materials that it would.
A range of complex issues affecting home, contents and strata insurance markets in northern Australia mean residents and property owners pay much higher premiums than is the case elsewhere in Australia, according to a new report by the ACCC.
Many people are either abandoning their private health insurance policies or downgrading to lower-cost, lower-benefit products as premium increases continue to outpace inflation and wage growth.
In its annual report into the private health insurance industry, the ACCC found Australians are increasingly dropping their hospital cover, instead opting for just extras cover. Many people are also choosing policies with higher excess payments in an attempt to keep policy premiums to a minimum.
The ACCC has today released preliminary observations on the northern Australia insurance market following public consultation and information gathered from insurers.
In July 2017, the ACCC commenced an inquiry into the supply of residential (home), contents and strata insurance in northern Australia, following direction from the Australian Government.
The ACCC has today released an issues paper for its inquiry into the supply of residential building, contents, and strata insurance in northern Australia. The Australian Government directed the ACCC to undertake a wide-ranging inquiry due to concerns about affordability and availability of insurance in the region.
The ACCC will be hosting a series of public forums so consumers can share their concerns directly with the ACCC. The forums will be held in November and December this year in Townsville, Cairns, Darwin, Alice Springs, Karratha, Broome, Rockhampton, and Mackay.