Northern Territory Queensland Western Australia

Northern Australia insurance inquiry

The Australian Competition and Consumer Commission (ACCC) will host a series of public forums across northern Australia over the next few weeks, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer announced.

“This is the opportunity for anyone in northern Australia who has faced rising insurance premiums to raise their concerns directly with the ACCC,” Minister O’Dwyer said.

The Government provided $7.9 million to the ACCC in the 2017 Budget to conduct a wide-ranging inquiry into the supply of residential building, contents and strata insurance in northern Australia.

“The Government will closely monitor the inquiry and findings of the ACCC inquiry. If there is evidence to indicate that that the market is not competitive, or that premiums are not properly reflecting the risks facing residents in northern Australia, the Government will consider the options available to it to improve insurance affordability,” Minister O’Dwyer said.

These are complex issues and the Government remains committed to working with all stakeholders to develop solutions that will lead to sustainable reductions in premium levels, promote a competitive insurance market and make a recognisable difference for consumers in northern Australia.

All residents of northern Australia and stakeholders are encouraged to participate in this inquiry. Details of the public forums are below. If you cannot attend these forums, you can have your say by responding to the issues paper on the ACCC website.

Submissions are due by 5pm, 21 December 2017 and can be emailed to insurance@accc.gov.au.

Source: Australian Government