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The Australian Competition and Consumer Commission (ACCC) has expressed its concern about the IAG deal to buy 90% of RACQ insurance companies for a $ 1.32 billion ($ 812.7 million).
The deal has encouraged the regulator to ask opinions about its potential impact on the insurance market, in particular in personal lines of General Insurance and Aganary Repair Services.
The ACCC research focuses on the competitive dynamics between IAG and RACQ, including how they compete in the delivery of home, content and motorcycle insurance.
The supervisor also assesses the potential effects of the acquisition on the prices and quality of insurance products, as well as the implications of the increased scale of IAG on the purchase of supporting repairs.
The ACCC has emphasized overlapping areas where both IAG and RACQ are currently active, such as the range of general insurance policy and the acquisition of various motor and building repair services.
The care is whether the merger can lead to less competition, resulting in higher prices or lower service quality for consumers.
IAG’s proposal contains an option to acquire the remaining 10% of RACQ insurance activities two years after the first transaction.
The ACCC has asked interested parties to submit their opinion by 14 February 2025.
In Australia, IAG is known for offering a variety of personal and commercial insurance products through its own brands, including NRMA Insurance, Swann Insurance, Rollin ‘, Cylo and Lumley special vehicles.
RACQ is an organization in the member based in Queensland and offers services such as assistance along the road, insurance, banking and community support.
“IAG’s RACQ insurance unit pursues the worries of the competition in Australia” was originally made and published by Life Insurance InternationalA brand of global data.
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