Insurers have continued to return profits gained from a reduction in claims during the COVID‑19 pandemic to policyholders, but ongoing restrictions in some states delayed the full return of these profits in 2020-21, the latest ACCC annual report into the private health insurance industry has found.
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.