insurers Tags | Insurance Near Me - Find Insurance and Insurance Brokers Near You

ACCC finds northern Australian insurance costs soaring, recommends industry regulation By Jane Bardon Sue Shearer says the cost of insuring her Darwin home has steadily risen for years.(ABC News: Jane Bardon) Like many northern Australians, Sue Shearer has watched the cost of her home and contents insurance soar with dismay. Key points: An ACCC inquiry has found more and more people in northern Australia are going without insurance The watchdog says average home insurance premiums in the region rose by 178 per cent over a decade Its report has recommended a series of regulations to make the industry more consumer friendly

"It just keeps going up and up. It's exorbitant actually," she said.

Yearly building insurance price hikes have pushed up her body corporate fees, in a unit complex where many of the residents are pensioners or self-funded retirees.

Ms S…

'Not enough capital': Insurer says government to pay for COVID-19 By Charlotte Grieve Insurance Australia Group chief executive Peter Harmer says there is not enough capital in the insurance industry globally to cover the financial fallout from COVID-19, as the insurer posted a 60 per cent fall in profit. Mr Harmer said it was the government’s responsibility to foot the bill for the pandemic ahead of the NSW Supreme Court’s decision on whether insurance policies that exclude pandemics are valid. “There is a size of loss that becomes quite systemic where the government needs to act as a shock absorber,” Mr Harmer said. “The government has an interest in making sure we have a viable, sustainable industry.” IAG chief executive Peter Harmer said catastrophic weather events and the pandemic in the second half had undermined the company's bottom line.CREDIT:ANTHONY JOHNSON The test case will determine if insurance policies that rely on an outdated definition o…