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Australia: Insurers seek privatization of state-run workers compensation

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Suncorp Group Ltd. and Insurance Australia Group Ltd. are among major insurers calling for the privatization of state-run workers compensation and compulsory third party insurance regimes, reported The Sydney Morning Herald.

Suncorp said it finds significant potential in these insurance areas.

Meanwhile, IAG said privately underwritten workers compensation schemes would fuel competition.

It said the competitive market "provides an incentive for insurers to invest in order to maximize efficiency."

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