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ACCC inquiry into competition in the insurance sector

Wednesday 24 January 2018
News Summary

It has been reported that the general insurance sector has admitted to not providing insurance for riskier properties.

According to the AFR’s Alice Uribe, the Australian Competition and Consumer Commissioner (ACCC) launched an inquiry last year about the price hikes in northern Australia.

However, the Insurance Council of Australia (ICA) has said, in response to accusations of overcharging, that it was just a ‘misperception’ that insurers were making large profits and benefiting from lack of competition.

This comment comes around the same time the insurance industry is being called to repay $120 million to consumers.

The ACCC will have until 30 November of this year to submit their report to the Treasurer.
The final report will be expected by 30 November 2020.