A PYMNTS Company

Australia: Regulator probes AU$3.6B in hidden insurance fee

By  |  June 26, 2019
Australia: Regulator probes AU$3.6B in hidden insurance fee

This July providers must include the price of the previous year’s policy alongside the new premium price for all home insurance renewals in the state of New South Wales (NSW).

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    But providers may wait until 2021 to roll out the policy across the country. The Insurance Council of Australia announced a nationwide premium comparison, which will follow a review of the industry code of practice, “will have an implementation period expected to be 12 months from January 2020”.

    NSW Emergency Services Levy Insurance (ESL) Monitor Allan Fels said more than 10 million Australian households were affected by a “loyalty tax,” whereby insurance providers attracted customers with discounted rates but raised the premium at future renewals.

    Full Content: Financial Review

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.