Published
On 8 December 2023, the ACCC released its second report as required under the Competition and Consumer (Price Monitoring—General Insurance Policies) Direction 2022.
In this report, we have extended our analysis of insurers’ prices, costs and profits. We continue to find that policyholders in northern Australia are paying, on average, substantially more for their insurance compared to the rest of Australia.
A key objective of the pool is to make insurance premiums more affordable, but the pool is still in transition. Insurers only began to join the pool at the start of 2023, and most have done so around July 2023 or later. This timing means that the early effects of the pool are unlikely to have extended to most consumers yet or be directly reflected in this year’s data reported to the ACCC, which is from the 2022–23 year.
We have also sought to understand how insurers are implementing the pool and their approaches to passing on any savings it generates. We have observed that implementing the pool in accordance with the government’s policy intent is complicated.
For more information view the Insurance monitoring page.