Report

Australia's general insurance industry: sapping consumers of the will to compare

10 August 2017

© Commonwealth of Australia 2017
ISBN 978-1-76010-614-0

View the report as a single document - (PDF 1121KB)


View the report as separate downloadable parts:

Senate Economics References Committee (PDF 21KB)
Abbreviations and acronyms (PDF 11KB)
Recommendations (PDF 46KB)
Chapter 1 - Introduction (PDF 53KB)

Terms of reference
Conduct of the inquiry
Background
The role of insurance
Relevant reviews and inquiries
Purpose of inquiry
Structure of report

Chapter 2 - The general insurance industry in Australia (PDF 630KB)

Overview
Regulatory framework
Insurance comparison services
Increases in general insurance premiums
Competition in the general insurance industry

Chapter 3 - Transparency and the current product disclosure regime (PDF 165KB)

Information asymmetry
The current product disclosure regime
Deficiencies in the current disclosure regime
A case for standard insurance
Efficacy of Key Facts Sheets
Committee view

Chapter 4 - Insurance comparison services: costs and benefits (PDF 136KB)

Stakeholder views
Non-standardised financial products
Implementation challenges
The UK experience
Existing independent comparison services
Concerns regarding commercial comparators
Committee view

Chapter 5 - Other matters raised (PDF 81KB)

Unfair contract terms
Commission payments to strata managers
The role of mitigation

Appendix 1 - Submissions, additional information, answers to questions on notice and tabled documents (PDF 14KB)

Submissions
Additional information
Answers to questions on notice

Appendix 2 - Public hearings (PDF 12KB)

Committee Secretariat contact:

Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: +61 2 6277 3540
Fax: +61 2 6277 5719
economics.sen@aph.gov.au

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