Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

AUS: ACCC not to oppose merger NRMA/RACV insurance

The Australian Competition and Consumer Commission today announced it will not oppose the merger of the insurance operations of the NRMA and the RACV.

"In most insurance categories the merger does not raise competition issues," ACCC Chairman, Professor Allan Fels, said today. "The ACCC's view is that in most insurance products the merged group would not have a market share sufficient to raise competition concerns".

The merger combines two of the largest suppliers of comprehensive motor vehicle insurance in Australia.

NRMA is the largest supplier of motor vehicle insurance in NSW and RACV is the largest in Victoria. The two firms compete in Victoria but not in NSW. Independent estimates indicate that the merged firm will have around 40 per cent of Victorian comprehensive motor vehicle insurance.

The merger is likely to enable the parties to achieve cost savings and diversify their operations across more insurance products and a larger geographic area.

"After conducting market inquiries, the ACCC found that competition from other insurance companies and the potential for companies not currently providing motor vehicle insurance to supply such services, would ensure that the market remained competitive after the merger," Professor Fels said.

© Scoop Media

 
 
 
World Headlines

 

New IPCC Report: ‘Unprecedented Changes’ Needed To Limit Global Warming

Limiting global warming to 1.5°C will require “far-reaching and unprecedented changes,” such as ditching coal for electricity to slash carbon emissions, says a special report that finds some of the actions needed are already under way, but the world must move faster… More>>

ALSO:

Jamal Khashoggi: UK, France, Germany Join Calls For Credible Investigation

Germany, the United Kingdom and France share the grave concern expressed by others including HRVP Mogherini and UNSG Guterres, and are treating this incident with the utmost seriousness. More>>

ALSO:

MSF Not Wanted: Nauru Government Shows Continued Callousness

The Nauruan Government’s decision to ask Doctors Without Borders to immediately leave shows continued callousness towards asylum seekers desperately seeking a safe place to call home, Green MP Golriz Ghahraman said today. More>>

ALSO:

Sulawesi Quake, Tsunami: Aid Response Begins

Oxfam and its local partners are standing by to deploy emergency staff and resources to the Indonesian island of Sulawesi, as an estimated 1.5 million people are thought to be affected by the massive earthquake and tsunami that hit on Friday. More>>

ALSO:

Decriminalising Same-Sex Relationships: UN Rights Chief Applauds Indian Decision

“This is a great day for India and for all those who believe in the universality of human rights," Bachelet said. "With this landmark decision, the Indian Supreme Court has taken a big step forward for freedom and equality...” More>>

ALSO:

 
 
 
 
 
 
  • Pacific.Scoop
  • Cafe Pacific
  • PMC