IAG submission to ACCC Northern Australia Insurance Inquiry Second Update Report - Focus Area 1
06 Sep 2019
IAG welcomes the opportunity to make a submission to the ACCC’s Northern Australia Insurance Inquiry Second Update Report and focus area 1: Measures to improve affordability and availability (Focus Area 1).
IAG agrees with the Australian Government that tackling the problem of insurance affordability in northern Australia is a complex issue and requires action by all stakeholders, including State and Territory Governments, insurers, business and residents1.
However, we do not believe government intervention in the form of government underwritten schemes for insuring against natural perils (whether the entity is mutual or government-owned) is the right solution to tackling the issue of affordability and availability of insurance in northern Australia.