Insurers could boycott FSL hearing
Insurance firms are concerned that the hearing will expose sensitive information – but one insurance giant has agreed to attend and defend its name.
INSURANCE NEWS
By Chinwe Akomah
14 Jun 2013

Suncorp is the only insurer to confirm it will be at a public hearing on the Victoria fire services levy on Tuesday but the four other insurance giants asked to appear are yet to confirm whether they will attend.

Allianz, CGU, QBE, and Insurance Manufacturers of Australia (70% is owned by IAG) and Suncorp have all been asked to attend FSL Monitor’s public hearing on Tuesday 18 June to explain how the FSL will be removed from premiums and “allay concerns that premiums may not be adjusted to fully pass on the removal of the FSL”.

Suncorp told Insurance Business it will attend the hearing next Tuesday.

“Suncorp is attending the hearing and welcomes the opportunity to demonstrate we are providing the highest level of transparency to our customers and the Monitor,” a spokesman said.

A spokesman for Allianz said it is yet to decide, adding:  “We will be lodging a submission that addresses the issues that The Monitor has identified. We are yet to determine whether we will be attending the public hearing. We are concerned that some of the issues that the Monitor seeks to discuss at the public hearing will be inappropriate for legal and confidentiality reasons.”

QBE, IMA and CGU were still considering whether to attend at the time this story went to press.

 

Free newsletter

We'll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Free newsletter

Our daily newsletter is FREE and keeps you up - to - date with the world of Insurance. Please complete the form below and click on subscribe for daily newsletters from IB AU.