This section of the website provides information and insights gained by the Insurance Monitor through its price monitoring function of the Emergency Services Levy Insurance Monitor Act 2016.
Under the Act, the Monitor is to “monitor prices for the issue of regulated contracts of insurance”. The term ‘prices’ is defined in the Act to include the premium for the insurance contract, including the ESL and other underlying components.
The Insurance Monitor undertakes its monitoring of premiums in a range of classes of property insurance in a number of ways. This includes:
- analysis of the insurance premiums supplied by a number of key insurance brands at 11 specified addresses in NSW. See the Insurance Survey pages of this website; and
- analysis of monthly data of policies in force, and the aggregate premium and ESL associated with these policies, which is provided by a number of major insurers (refer Pricing Trends).
The Insurance Monitor also gathers data from other independent sources, including:
- Australian Bureau of Statistics (ABS): Generally available information and customised data reports on household insurance pricing for Sydney and for all capital cities ex-Sydney.
- Insurance Statistics of Australia – industry premium and cost data, by State and for Australia.
- Australian Prudential Regulatory Authority (APRA).
- Company and industry reports.