Insurance Council of Australia application for authorisation AA1000720 – Interested party consultation

The consumer movement has long called for measures to address the harms consumers are experiencing with respect to the application of a bundle of key terms of exclusion in home insurance policies. We have consistently sought harmonisation and simplification of specific terms relating to “maintenance,” wear and tear,” “pre-existing damage” and “defects” in the form of standardised definitions. Combined with educational materials and further reforms to insurer claims handling, we believe the consumer harms we regularly see everyday can and should be addressed. We feel the Insurance Council of Australia’s (ICA’s) application for authorisation AA1000720 and the Proposed Conduct therein is unlikely to result in a public benefit that outweighs the detriment to the public. Consequently, we oppose the ACCC authorising the Application.