Premiums remain high in northern Australia
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The Australian Competition and Consumer Commission said that policyholders in northern Australia and other high cyclone risk areas face much higher premiums on average and that those premiums have increased much more quickly than for the rest of the country over the past decade, Asia Insurance Review reported. Insurers are required to join the government’s new reinsurance pool but many insurers say it makes it difficult to adjust their existing reinsurance arrangements.
