Taskforce to investigate high insurance prices

Glenn CordingleyBroome Advertiser

A public inquiry into the high cost of insurance in Northern Australia will be held in Broome.

The Australian Competition and Consumer Commission was also seeking submissions as part of its probe into the supply of residential building, contents, and strata policies.

The Australian Government has directed the ACCC to address concerns about affordability and availability of insurance across Northern Australia.

Consumers will be able to share their concerns directly with the ACCC taskforce at the meetings taking place this month and December in various towns and cities across the country.

ACCC deputy chairwoman Delia Rickard said the forums would allow the ACCC to hear directly from people in northern Australia about their experiences of the insurance market.

“The ACCC is investigating why insurance premiums have increased substantially in northern Australia over the past few years,” she said.

“Our Inquiry aims to identify the barriers that prevent consumers from accessing affordable, appropriate, and comprehensive insurance.”

Ms Rickard said the ACCC would use its compulsory information gathering powers to directly access insurers.

“This is something other inquiries have not been able to do,” she said.

“We are also seeking consumer and industry input on price, policy coverage, and any barriers to consumers getting a better deal.”

The ACCC was exploring insurance prices and policy breakdown costs, market competitiveness in Northern Australia and how consumers interact with markets and potential barriers to consumers making well informed choices.

The ACCC forum in Broome will be held at 5.30pm in the Oaks Hotel on Wednesday, November 29.

Submissions are due on December 21 this year and can be emailed to insurance@accc.gov.au.

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