Insurers admit avoiding cover for risky areas

Original article by Alice Uribe
The Australian Financial Review – Page: 23 : 23-Jan-18

The Australian Competition & Consumer Commission is investigating the level of competition within the general insurance sector in northern Australia, along with premium increases in that part of the country. The ACCC is due to make its final report to the Treasurer by late 2020. Insurance companies have conceded that they avoid covering some properties in the region, which is prone to cyclones, but have denied suggestions that they have engaged in "premium price-gouging".

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF FINANCE, QBE INSURANCE GROUP LIMITED – ASX QBE, INSURANCE COUNCIL OF AUSTRALIA LIMITED, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, SUNCORP GROUP LIMITED – ASX SUN

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