Spiralling insurance costs may not be tackled for years

Businesses could be waiting years for the cost of their insurance to fall, with the state’s consumer watchdog warning that a new probe into the sector will not be completed until late 2020 at the earliest.

The Competition and Consumer Protection Commission (CCPC) last week launched a probe into how the insurance market operates amid concerns around spiralling premiums.

The probe was initiated on foot of a request from business minister Heather Humphreys. ...