The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
Opposition Leader Peter Dutton’s proposal to dismantle major insurance companies to boost competitiveness and reduce premiums has sparked significant pushback from industry brokers.
The suggestion, criticized as ineffective, faces opposition from those who argue that the root causes of high premiums lie elsewhere.
As noted by insurtech pioneer Scott Norton, whose alternatives have gained traction, the real issue lies in inadequate disaster preparedness. According to broker Petara Tanuvasa, premium increases are driven by insufficient measures like flood defences and firebreaks. These gaps lead insurers to elevate premiums to offset rising claims. Taxes further burden consumers, with levies such as GST, stamp duties, and fire service contributions inflating costs more.
Stacy Finnegan, COO of RepX, backed Norton’s viewpoint and stressed that local governments play a critical role in reducing home insurance claims. Enforcing building standards, avoiding development in risk-prone areas, and incorporating flood and fire-resistant requirements are crucial steps. "We stand united against severe weather patterns that heighten market volatility, instead of targeting the industry unfairly," she commented.
Additionally, some industry voices, like Tasmanian broker Greg Lewer, suggest that the real financial burdens come from other sectors. Lewer highlights the disparity between insurance and bank profits, noting that while 85 insurers collectively earned $5.9 billion last year, the Commonwealth Bank of Australia alone garnered $5.1 billion in half that time.
Given the challenges, industry stakeholders believe addressing fundamental issues rather than resorting to divestment is vital for achieving sustainable premium reductions and fostering healthy market competition.
As the debate unfolds, it remains to be seen whether policymakers will shift focus towards holistic solutions that encompass broader economic and environmental strategies, addressing taxes, disaster mitigation, and proactive local governance.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
Australians are bracing for substantial increases in private health insurance premiums, with some policies set to rise by as much as 25% starting April 2026. This surge significantly exceeds the government-approved average increase of 4.41%, raising concerns about affordability and value for policyholders. - read more
The Australian Medical Association (AMA) has released its latest Private Health Insurance Report Card, revealing a concerning trend: Australians are paying higher premiums for private health insurance while receiving diminished value in return. The report underscores the urgent need for comprehensive reforms to address these issues. - read more
Starting April 1, 2026, Australian private health insurance premiums are set to rise by an average of 4.41%, marking the most significant increase in almost a decade. This adjustment reflects the escalating costs associated with providing medical and hospital services, which have risen by 5% over the past financial year. - read more
AUSactive has unveiled a new insurance product tailored specifically for exercise and active health professionals. Developed in partnership with global insurance broker Marsh, this offering provides enhanced protection while delivering lower premiums compared to existing market options. - read more
The AusFitness Industry, in collaboration with AUSactive and the American College of Sports Medicine, has released the 2026 Fitness Trends Report, offering valuable insights into the evolving landscape of Australia's fitness industry. The report identifies the top 20 trends, reflecting a sector that is becoming more diverse, data-informed, and inclusive. - read more
Following recent legislative changes allowing private health insurers to offer rebates for select natural therapies, AUSactive is collaborating with Private Healthcare Australia (PHA) to lead reforms in private health insurance. This partnership aims to expand access to evidence-based preventive health services, including Pilates, Yoga, Tai Chi, and structured exercise programs delivered by accredited professionals. - read more
In the first quarter of 2026, the Australian commercial insurance market experienced a notable 12% decline in rates, as reported by Marsh's latest market index. This trend mirrors the previous quarter's decrease, indicating a sustained period of softening premiums. Such developments are particularly relevant for consultants who rely on comprehensive insurance coverage to mitigate professional risks. - read more
Recent analysis by AM Best reveals that Australia's top ten non-life insurers have collectively reported insurance services revenue nearing $46 billion, marking an 11.1% increase in their latest annual results. This growth underscores the resilience and adaptability of the insurance sector amidst a competitive market landscape, offering valuable insights for consultants navigating the industry. - read more
Insurance Australia Group (IAG) has reported a 6% growth in gross written premium (GWP), reaching $8.9 billion in the first half of the 2026 financial year. This achievement comes despite a highly competitive Australian insurance market, underscoring IAG's strategic focus on customer-centric approaches and technological innovation. - read more
Victoria's construction industry is undergoing significant changes with the recent amendments to the Security of Payment Act (SOPA), which took effect on April 15, 2026. These reforms introduce new payment obligations and rights for builders and contractors, aiming to streamline payment processes and reduce disputes within the sector. - read more
Welcome to the first steps in future-proofing your farming legacy. When we think about the hustle and bustle of daily farm life, it's easy to overlook the critical importance of estate planning. For the Australian farmer, estate planning is not just a matter of securing your assets; it's about ensuring the survival and progression of your hard-earned labour to the next generation. - read more
Hobby farming has become increasingly popular in Australia, with many individuals and families embracing the joys of growing their own produce, raising livestock, and enjoying a rural lifestyle. Whether it's a small vegetable garden, a few chickens, or a larger mixed farming operation, hobby farms offer both relaxation and a connection to nature. - read more
For Australian farmers, livestock is more than just a vital asset; it's the heartbeat of their livelihood. In a land where the sunburnt plains are as relentless as they are beautiful, protecting your herd isn't just a duty; it's a necessity. That's where livestock insurance comes into play—a shield against the unpredictability of Mother Nature. - read more
In the world of agriculture, having the right insurance coverage is essential. Farming is a high-risk industry that deals with unpredictable elements, and insuring your farm equipment can safeguard your livelihood. - read more
In the dynamic world of Australian agriculture, farm equipment plays a crucial role in the day-to-day operations of farms. From tractors to harvesters, having the right machinery means managing your farm more efficiently. However, the high value of this equipment makes it essential to protect it adequately through insurance. - read more
Australian farmers face a unique set of challenges due to the vast and varied climate conditions that sweep across the continent. From the scorching heat and prolonged droughts of the Outback to the tropical storms and torrential rains of the northern regions, weather-related risks are an integral part of agricultural life in Australia. - read more
Farming is inherently risky. With factors like weather, pests, and market fluctuations affecting crops, it's crucial to manage these risks effectively. - read more
Australian farmers face an array of natural disasters that can threaten livelihoods and disrupt the delicate balance of agricultural ecosystems. From devastating bushfires and droughts to powerful storms and floods, these catastrophic events pose serious risks to the farming community. Understanding and preparing for these forces is not just about survival; it's about building a sustainable future for farms across the continent. - read more
Agroforestry is a transformative approach to land management that integrates trees into agricultural landscapes. In Australia, where farmers contend with variable climates and environmental challenges, agroforestry offers a resilient pathway to productivity and sustainability. - read more
Farming in Australia is not just a job, it's a way of life. However, it’s also a livelihood that comes with its own unique set of risks. From unexpected weather events to machinery breakdowns, the life of an Australian farmer is fraught with uncertainties. - read more
Need a Quote?
Start your free farm insurance quote comparison here.
Knowledgebase
Grace Period: A time period after the premium is due during which an insurance policy remains in force even if the premium has not yet been paid.