On 18 December 2018 the ACCC released its first interim report setting out their findings about operation of markets for home, contents and strata insurance markets in northern Australia.
The report makes 15 recommendations to improve the operation of those insurance markets and achieve better outcomes for consumers. One of these (Recommendation 10) relates to disclosure of last year's premium in renewal notices, but the ACCC has gone further to propose disclosure of the sum insured and excess as well. In addition, 13 draft recommendations are made that have the potential to make these markets work more efficiently.
Submissions are invited in response to the draft recommendations. Close date for submissions is Friday 12 April 2019.