National Home Insurance Comparison Website

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Treasury and the ACCC met in October-November 2024 to discuss a recommendation for a mandatory national home insurance comparison website. The ACCC's draft recommendation, made following a Senate inquiry, proposed a full comparison website with mandatory insurer participation and standardised cover definitions—a position the government had previously disagreed with. Consumer groups supported the concept but flagged the need for standard definitions; industry expressed reluctance, preferring to compete on brand rather than price. Treasury officials noted the National Quarterly Home Insurance (NQHI) website had poor consumer awareness and limited information relevance. Key implementation challenges discussed included obtaining quotes from all insurers, varying effectiveness across metro versus regional areas where underwriting is more intensive, determining appropriate information disclosure levels, and managing instalment surcharging. Officials also referenced price variations even for identical risk profiles, suggesting potential merit in helping consumers identify cheaper products. The ACCC noted price comparison websites (PCWs) can facilitate market