Dutton plans to break up insurers amid rising premiums

Peter Dutton, the leader of Australia's Liberal Party, has announced plans to potentially break up major insurance companies if his coalition wins the upcoming federal election. He cited rising insurance premiums as a significant issue for consumers, particularly in flood-prone areas, and stated that the insurance industry must reduce costs or face government intervention. Dutton's proposal draws parallels to the Coalition's existing policy targeting large supermarket chains, emphasizing the need for increased competition in the insurance market. The Insurance Council of Australia has warned that divestiture may not effectively resolve the underlying issues driving up premiums, particularly in high-risk areas affected by climate change. Critics argue that simply breaking up insurers won't address the complex factors contributing to rising costs and access challenges for consumers. The debate highlights ongoing tensions between regulatory intervention and market dynamics within the insurance sector.