Many brands, little choice in insurance

Four major insurers dominate the Australian general insurance market, which gives the appearance of choice with the offer of many brands, says the Productivity Commission in a report on competition in the financial system.

The four majors underwrite more than 30 brands while two of the smaller insurers underwrite 50 brands between them. One company underwrites 23 of 25 pet insurance brands.

In some areas of financial services, proliferation of products with slight variations in features has become a burden for providers as well as consumers, says the report.

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