The Emergency Services Levy Insurance Monitor’s office in NSW has recently released a discussion paper based on research which found evidence that some insurance companies who are subject to monitoring
under the Emergency Services Levy Insurance Monitor Act 2016 (“the ESLIM Act”) are charging existing
customers higher premiums than those charged for new customers in the home and contents insurance
The monitor is now calling for comment from the public. They are particularly interested in comments from those:
- who have been with their home insurer for a number of years, and can provide evidence in relation to the
changes in their home (building) and contents insurance premiums paid over time,
- who have switched to an equivalent policy with a different insurer after a number of years with one insurer
and have evidence on any savings made in the premium paid,
- who have re-applied for insurance for an equivalent policy with the same insurer rather than accept a
renewal offer from that insurer, and have evidence of any cost savings made through that process,
- on whether they consider it fair for insurers to charge existing customers a higher premium than new
- on what measures they consider regulators and/or policymakers should take to address the issue.
If anyone would like to make a submission, they should send an email to email@example.com and mark it to the attention of the Pricing Analysis Project Team .Submissions will be accepted until 20 December 2018.