General
ACCC finds northern Australian insurance costs soaring, recommends industry regulation
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 also pushed up her body corporate fees, in a unit complex where many of the residents are pensioners or self-funded retirees.
Ms Shearer — who is the CEO of the Council on the Ageing NT — also regularly fields calls…
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