Insurance Monitoring Report 2023 Released

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The Australian Competition and Consumer Commission (ACCC) has released its Insurance Monitoring Report for 2023, the reports second annual release. The reports key focus was on insurance for homes, strata and small business in the Northern Territory and the effect, reception and role of the government’s new cyclone reinsurance pool.

Due to the differences in insurance policy renewal timeframes as well as the time required for insurers to fully implement pricing changes the results are somewhat mixed. In a recent media release the ACCC Commissioner Peter Crone noted that “consumers may not see the full impact of the pool on their premiums for some time” and also stressed the importance of the complex interplay of various factors such as the global reinsurance market, international trade, the cost of building supplies and increases in extreme weather events as elements which will influence when and how consumers may see a difference to their premiums.

Mr Crone noted that while the ACCC was optimistic that future reports would find that the reinsurance pool successfully reduced premiums and encouraged insurers into cyclone prone North Australia, previous findings from the Northern Australia Insurance Inquiry demonstrated a need for additional interventions.

For the ACCC media release click here.

For the full Insurance Monitoring report, including data from other states, territories and regions, click here.