ACCC calls for insurance reforms in northern Australia

Australia’s competition watchdog has proposed scrapping stamp duty on insurance products, banning commissions for insurance brokers, and applying unfair contract terms protections to insurance products in northern Australia, as part of a wide range of reforms towards improving insurance affordability in that part of the country. In its northern Australia Insurance Inquiry first interim report, the Australian Competition and Consumer Commission (ACCC) revealed that not only are insurance premiums considerably higher in northern Australia, they have also risen at a faster rate, skyrocketing 130% in real terms over the last 10 years, compared to the average 50% rise elsewhere in the country.