Unaffordable home, contents and strata insurance is a major challenge to the liveability and prosperity of communities, towns and cities across northern Australia, but a range of actions could help address this, according to a major report published by the ACCC.
The ACCC is proposing to allow insurance companies and brokers to continue coordination and implementation of temporary COVID-19 relief measures for certain small businesses.
The authorisation will apply to Suncorp, Allianz, QBE Insurance and other insurers or insurance brokers who have notified the ACCC.
Under an urgent interim authorisation granted by the ACCC on 2 April 2020, insurers and brokers were granted temporary permission to coordinate a range of relief measures to eligible policyholders whose insurance premiums fall due before 30 June 2020.
Insurance companies and brokers will be able to work together to implement COVID-19 relief measures for certain small businesses following the ACCC’s granting of interim authorisation today.
The authorisation applies to Suncorp, Allianz, and QBE Insurance, as well as any other insurers or insurance brokers who choose to take part, as long as they notify the ACCC.
For the first time, the majority of hospital treatment policies held by Australians now contain exclusions, the latest ACCC annual report into the private health insurance industry has found.
More than 57 per cent of policies held by Australians contain exclusions, up from about 44 per cent in the previous year.
Home, contents and strata insurance is becoming increasingly unaffordable in northern Australia, where the rate of households going without insurance is almost double that of the rest of the country, the ACCC’s latest Northern Australia Insurance Inquiry interim report reveals.
The ACCC has instituted proceedings in the Federal Court against Medibank Private Limited trading as ‘ahm Health Insurance’ (Medibank), alleging that Medibank made false representations about benefits covered by its health insurance policies, in breach of the Australian Consumer Law.
The ACCC alleges that Medibank falsely represented to members holding ahm “lite” or “boost” policies, who were making claims or enquiries, that they were not entitled to cover for joint investigations or reconstruction procedures, when in fact their policies covered these procedures.
A national comparison website for home insurance and greater power for consumers in claims settlements are among measures proposed by the ACCC in its latest Northern Australia Insurance Inquiry report, released today.
An appeal by the ACCC against a Federal Court judgment in relation to Medibank Private Limited (Medibank) has been dismissed by the Full Federal Court.
The ACCC alleged Medibank made false, misleading or deceptive representations and engaged in unconscionable conduct in relation to its failure to notify Medibank’s, and its subsidiary ahm’s, members of its decision to limit benefits for in-hospital pathology and radiology services, despite representing across a number of its communication and marketing materials that it would.