Car Insurance

The Insurance Council of Australia (ICA) announced the appointment of Vicki Mullen as General Manager Consumer Relations and Market Development. Ms Mullen will be responsible for the Consumer Relations and Market Development Directorate at the ICA. Her responsibilities include managing the Financial Ombudsman Service relationship, Code of Practice issues, consumer relations and various statutory classes of insurance.

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Tags: Consumer Relations, Manager Consumer Relations, Market, Market Development

1 Answer Network is urging consumers to put their faith in local brokers to find the best insurance deals, as a hardening general insurance market sees higher premiums and reduced benefits.

Insurers now need greater capital adequacy but are facing lower investment returns and a high incidence of claims, in some areas of the market.

The Network is therefore predicting that premiums will rise, benefits will be reduced, excesses raised and extras in insurance packages thinned out.

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Tags: Gi Market, Market