Households can make savings of up to 40 per cent if they opt to compare car insurance and a range of other insurance products, one commentator has observed.
John Kavanagh of the Sydney Morning Herald noted that the savings estimate, made recently by consumer watchdogs, comes as insurance costs continue to rise, with car and home-and-contents premium prices increasing by as much as ten per cent this year.
Indeed, the columnist pointed to comments by Ian Moyser, an insurance partner at KPMG, who suggested that most Australians would have faced increases in the high single digits for their home-and-contents and car policy premiums over the last year.
The rises have partly been attributed to bad weather which have added significantly to claims payouts.
However, Mr Kavanagh observed that despite the number of new competitors entering the market and the inconsistencies in current price rises, Australians are not particularly good at shopping around for new policies.
Writing on the current state of the market, he said: "According to the insurance industry regulator, the Australian Prudential Regulation Authority, the big four general insurers – IAG, Suncorp, Allianz and QBE – account for more than 77 per cent of the country's insurance business."
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