Latest Australian Insurance Market News

The ACCC has escalated its scrutiny of Insurance Australia Group’s proposed takeover of RAC Insurance, citing potential substantial lessening of competition in Western Australia’s motor and home insurance markets.

The ACCC has escalated its review of Insurance Australia Group’s proposed takeover of RAC Insurance, flagging significant competition concerns in Western Australia’s motor and home insurance markets.

NobleOak Life Limited has increased its stamp duty provision to $6.5 million following a dispute with the Victorian State Revenue Office over exemption eligibility, prompting pricing changes and ongoing regulatory engagement.

The ACCC has opposed IAG’s proposed acquisition of RAC Insurance in Western Australia, citing concerns it would stifle competition and lead to higher premiums and reduced product quality.

The ACCC has decided not to oppose Insurance Australia Group’s proposed acquisition of RACQ Insurance, finding that competition in Queensland’s motor and home contents insurance markets remains robust despite the deal.

Insurance Australia Group (IAG) has entered a strategic alliance with The Royal Automobile Club of Western Australia (RAC), acquiring RAC Insurance and securing a 20-year exclusive distribution agreement. This move significantly boosts IAG's presence in Western Australia and is expected to enhance earnings and operational synergies.