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Australia: Insurance trade group rejects overcharging allegations

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The Insurance Council of Australia has rejected allegations that some insurers are overcharging clients, saying that premium rates depend on several factors, Brisbane Times reported.

A spokesman for the Queensland Chamber of Commerce and Industry had said there are concerns that some insurers are intentionally "pricing themselves out of the northern Queensland market to avoid further exposure to the risk of natural disaster-prone regions." However, the Insurance Council said several factors were considered when setting rates and insurers make “a commercial decision on the products."

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