IAG submission to ACCC Northern Australia Insurance Inquiry Second Update Report - Focus Area 1

IAG agrees with the Australian Government that tackling the problem of insurance affordability in northern Australia is a complex issue and requires action by all stakeholders, including State and Territory Governments, insurers, business and residents^1.

However, we do not believe government intervention in the form of government underwritten schemes for insuring against natural perils (whether the entity is mutual or government-owned) is the right solution to tackling the issue of affordability and availability of insurance in northern Australia. 

^{1.Government’s response to Northern Australia Insurance Premiums Taskforce (Taskforce) and General Insurance Senate Inquiry}