Australia’s competition watchdog is reviewing two major insurance acquisitions that could reshape the sector, calling for public submissions on the proposed deals involving IAG and RACQ, as well as Allianz and RAA. 

The Australian Competition and Consumer Commission (ACCC) opened its review on Jan. 31, with interested parties invited to submit feedback by Feb. 14. 

According to details published on the ACCC website, Insurance Australia Group Limited (IAG) plans to acquire 90% of RACQ Insurance Limited (RACQI) from The Royal Automobile Club of Queensland Limited (RACQ), with an option to purchase the remaining 10% after two years. Both companies operate in the personal lines general insurance market, covering home, contents, and motor insurance. 

Meanwhile, Allianz Australia Insurance Limited has proposed acquiring RAA Insurance Holdings Limited (RAAI) from the Royal Automobile Association of South Australia Incorporated (RAA). As part of the deal, Allianz and RAA would enter a 20-year agreement for RAA to distribute Allianz and RAAI underwritten insurance products exclusively. Like IAG and RACQI, Allianz and RAAI also overlap in the supply of home, contents, and motor insurance. 

The ACCC is accepting submissions electronically via email at [email protected] until Feb. 14. Further details, including a Market Inquiries Letter, are available on the ACCC website.