Published
On 19 September 2024, the ACCC released its third report as required under the Competition and Consumer (Price Monitoring—General Insurance Policies) Direction 2022.
We have published this report earlier in the year compared to the previous December publication of our first and second monitoring reports. This is to allow key findings from our monitoring to inform the work of the government’s Insurance Affordability and Natural Hazards Risk Reduction Taskforce.
In bringing forward the publication of this report, we have narrowed the focus of our analysis. In this report, we examine how prices and costs are changing following insurers’ entry into the pool. We assess insurers’ approaches to implementing the pool, including in relation to pass-through and recognition of cyclone mitigation measures. We also consider whether insurance availability for consumers is changing.
This year’s report does not outline our longer term price, cost and profitability trend analysis due to the earlier publication date. However, this is an important component of our monitoring task and will be resumed in our next report.
For more information view the Insurance monitoring page.