Insurers say they are making just a fraction of the returns from writing policies compared with a decade ago as they defend themselves from Peter Dutton’s accusations that consumers are being overcharged.
The Insurance Council of Australia, which represents the major companies including IAG, QBE and Suncorp, said the industry made $5 in profit for every $100 collected from policyholders a decade ago. That number, according to the industry association, is now $1.50.
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Tom McIlroy is the Financial Review’s Canberra bureau chief based in the press gallery at Parliament House. He was previously the AFR’s political correspondent. Connect with Tom on Twitter. Email Tom at thomas.mcilroy@afr.com
