Rising Insurance Premiums Prompt Calls for Industry Reform
Rising Insurance Premiums Prompt Calls for Industry Reform
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Recent data indicates a significant rise in insurance premiums across Australia, with home insurance premiums increasing by 16% on average over the past year.
Some insurers, such as Kogan, RAC, and Honey, have raised rates by over 30%, leading to growing concerns about affordability for consumers.
Opposition leader Peter Dutton has suggested that increased competition is necessary to address these rising costs. He proposed that, as a last resort, the government could consider breaking up large insurance companies found to be overcharging policyholders.
Consumer advocacy groups have echoed these concerns, highlighting the need for greater transparency in pricing and more options for consumers. The Australian Competition and Consumer Commission (ACCC) has also noted that insurance in northern Australia remains significantly more expensive compared to the rest of the country, further emphasizing the need for industry reform.
As discussions around potential reforms continue, it is essential for stakeholders to collaborate on solutions that promote competition and ensure insurance remains accessible and affordable for all Australians.
Published:Monday, 26th Jan 2026 Source: Paige Estritori
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Knowledgebase
Insurance Premium: The periodic amount paid for the purchase of insurance.
