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November, 2008

Tough year for insurance

Insurance companies have had claims coming out of their earholes lately. Huge hail storms in New South Wales and damaging storms and flood waters engulfing major areas in Queensland are just a few catastrophes Mother Nature has thrown our way. Insurance companies, however, soldier on, as do consumers getting their lives back on track after a disaster. The car insurance sector, in particular, has also had to contend with greater competition, driven largely by the entry last year of Comminsure and Real Insurance who immediately set out to aggressively win a slice of market share. This can only benefit consumers because as competition hots up, premiums become more attractive.

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