Australia’s competition regulator has launched an inquiry into insurance within Northern Australia, following concerns that coverage is overpriced and often unattainable.
Prompted by the Australian government, the ACCC released an issue paper yesterday with the aim of investigating the supply of residential building, contents, and strata insurance in the region.
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Delia Rickard, deputy chair of the ACCC, said one of the first steps would be to host a series of public forums so consumers can share their concerns directly with the organisation.
“These forums will allow us to hear directly from people in Northern Australia about their experiences of the insurance market,” Rickard said.
According to a release from the ACCC, the gatherings will be held in November and December this year, in Townsville, Cairns, Darwin, Alice Springs, Karratha, Broome, Rockhampton, and Mackay.
“Our inquiry aims to identify the barriers that prevent consumers from accessing affordable, appropriate, and comprehensive insurance,” said Rickard. “As a formal inquiry, we will use our compulsory information gathering powers to access information directly from insurers. This is something other inquiries have not been able to do.
“We are also seeking consumer and industry input on price, policy coverage, and any barriers to consumers getting a better deal.”
Brokers are also invited to offer their insight as the ACCC is seeking feedback from all interested stakeholders on a range of issues including pricing, insurer profitability, competitiveness, regulatory issues, and risk mitigation.
Submissions are due by December 21, 2017, and can be emailed to
[email protected].
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