Insurance gouge - The West Report

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The West Report

The West Report

Күн бұрын

Why are insurance premiums rocketing? Why is there no fuss about it, like Woolies and Coles? It's a 'Black Box'. We take a look at the Big 3: Suncorp, QBE and IAG
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Пікірлер: 105
@nomadheros4663
@nomadheros4663 2 ай бұрын
We're being attacked from all sides 😢
@nerdy_dav
@nerdy_dav 2 ай бұрын
Let me float something here. Hands up who wants a US type medical system? I sure I don't. So.. Realising this about 10 years ago with my family. We had a talk and chose to boycott private health insurance. I have convinced more people of doing this as a protest. Vote with your dollars. Boycott private health insurance and force the government to do better with public health systems!
@UziMusic
@UziMusic 2 ай бұрын
Was telling my missus this one, she's got rich boring accountant dad who only cares about money, so has obviously has private to avoid the 1% levy, i explained it to her that its our system and we need it so people don't go bankrupt for getting sick and its essentially a scam, she went to cancel it and the parents butted in implying I'm some useless povvo hippie because I'm against a for profit healthcare system which in and of itself is a glaring conflict of interest.
@Watching58
@Watching58 2 ай бұрын
I don’t think a boycott is a good idea. I like to be able to choose who I want to see, and asap. The public system…. Not so great
@alanhilder1883
@alanhilder1883 2 ай бұрын
@@Watching58 It is giving the money to the doctors, nurses and all the other people that make hospitals work OR, as it is now, giving the money as a bonus to the top executives of the insurance company, that is looking for any way to not have to pay out.
@nerdy_dav
@nerdy_dav 2 ай бұрын
@@Watching58 "I don’t think a boycott is a good idea. I like to be able to choose who I want to see, and asap. The public system…. Not so great" ----- While I get what you are saying I think you are missing the forest for the trees. The more people who forego private health insurance, the more money that will get pumped into the public health system (we also have to demand this, but more on this later) At the moment, each private health policy is subsidised. Which is a joke. We are paying public dollars to prop up a private health system. If more and more people drop private health insurance, the bigger the message gets sent to the government that people demand that the money gets spent on our once great public health system. Our public system was great. It was fantastic. It still can be fantastic. We have to protect our medicare, though. At the moment it is under attack from not just the dodgy politicians taking donations from insurance and private interests, It is also under attack by the US (they are actively slowly dismantling the NHS as well), and their private health system interests. I'm aware of the shortfalls of our public system as it is. But we need to send that message to say that we DON'T want an American private health system, with a gutted/non-existent public system. We need to fight for our Medicare. (as the UK need to fight for their NHS). Ask most normal American who lives in Australia, and they can tell you horror stories of their friends or family that have been bankrupted because of an accident or a persistent infection.
@malcolmduncan3047
@malcolmduncan3047 2 ай бұрын
@@Watching58 and if you need a major medical intervention, it will be performed in a public hospital (not so much profit on major surgery)
@DjDmt
@DjDmt 2 ай бұрын
Got my car renewal insurance today, another 350 a year, for what..... It's a joke.
@BenMitro
@BenMitro 2 ай бұрын
Everything has and is going up massively and corporate profits are skyrocketing...whats behind this - just corporate greed in the absence of legislative controls?
@-ac-8296
@-ac-8296 2 ай бұрын
yes, just that
@the1ben
@the1ben 2 ай бұрын
Insurance is the biggest 'what if' scam out there. It's sold preying on the fear of what could, but usually doesnt, happen.
@OzMOTO
@OzMOTO 2 ай бұрын
Keep up the great work Michael and team! I just renewed my house and contents insurance this week. 25% increase. Not in a flood area; quiet and safe area. As usual I did shop around for a better deal but my existing insurer was the best price. Many of the quotes I received were over $1000 more! This must be a scam. 🤔
@ETALAL
@ETALAL 2 ай бұрын
And every time you pay up they laugh and say "Look at this fool, we will charge him more next time" 😂🤣😂 The stupidity of tbe Australian bumpkin knows no bounds
@FlamencoOz
@FlamencoOz 2 ай бұрын
Is there a reason you need the insurance? Have you ever actually claimed anything?
@mark-ni5fv
@mark-ni5fv 2 ай бұрын
​@@FlamencoOzwhat if it burned down. You would have to start all over again. Not good if you have a family or are elderly.
@FlamencoOz
@FlamencoOz 2 ай бұрын
@@mark-ni5fv I don’t know anyone in Sydney who’s house has burned down. And I was born here. I know it’s the “what if” factor that means you do it. But the risk is extremely small for most people, odds are like winning the lotto.
@mark-ni5fv
@mark-ni5fv 2 ай бұрын
@@FlamencoOz You obviously don't watch the news or you have your head buried in the sand . Houses burn down nearly every day in every capital city in every state and territory in Australia and that's not including bush fires . And that doesn't include the ones in the country that don't make it to prime time news. Not all house 🔥 fires are accidental you know , some are lit on purpose just to claim insurance and others are arson. Google how many accidental house fires happen every year .
@FlamencoOz
@FlamencoOz 2 ай бұрын
Yeah, 20 years ago my dad had to have an operation on his nose (a medical one). They had been paying for full cover for decades. 1 week and $5000 dollars later they cancelled the full cover and told me never to get it. I listened. Even extras isn’t worth it anymore. I have a family and just pay out of pocket when required. It is cheaper over the long run.
@thisisres
@thisisres 2 ай бұрын
This
@mrdeanvincent
@mrdeanvincent 2 ай бұрын
​@@thisisres This is the way to go, but unfortunately a huge portion of Australians can't afford the medical emergency that might happen between when they stop paying health insurance and when they have saved an emergency fund.
@lllordllloyd
@lllordllloyd 2 ай бұрын
I'm a landlord. I charge my excellent tenant somewhat less than the market rate. But the skyrocketing insurance premiums are what is going to force the next rent rise as the profit margin trims and trims. Naturally no government will attack such a powerful lobby, and if they did the voters being gouged would turn on that government once Murdoch interprets the 'issue' for them.
@Spoonfed78
@Spoonfed78 2 ай бұрын
Good reporting, I've jumped insurers and called each out on their hikes vs profit growth and asked to do better, they say they can't but in the end the citizen is stuffed. Being a decent citizen in modern times is going to push people to anarchy within the decade the way things are heading.
@Spoungeworthy
@Spoungeworthy 2 ай бұрын
ANZ hasn’t taken over Suncorp - Suncorp are selling their banking side to ANZ. Insurance remains under Suncorp.
@peteranderson7487
@peteranderson7487 2 ай бұрын
Beat me to it.
@gregjhill
@gregjhill 2 ай бұрын
We're being screwed from all angles.
@joeybrown3583
@joeybrown3583 2 ай бұрын
Authoritarian regimes usually demand that citizens carry ID at all times. Fiercely opposed in Britain after the war, Australians inherited similar hostility. It was seen as one the hallmarks of tyranny. Is digital ID the same thing? It was just jammed through the senate with no debate.
@dootu
@dootu 2 ай бұрын
Yeah, only Facebook, Google, Amazon etc should have all our data and track us everywhere through our phones and sell it to the highest bidder.....
@malcolmduncan3047
@malcolmduncan3047 2 ай бұрын
@@dootu and track your mobile phone tower connections and all credit card swipes and record your car going through all those camera gates on the highway...tin foil hat time!
@frasercrone3838
@frasercrone3838 2 ай бұрын
We don't understand it because they make the cover intentionally complicated so you can not compare apples with apples. You need to trawl through fine print to find out what one company covers over another and to what value, it is what many companies do that present you with bills. Rather than being made to present a simple list of what is and is not covered or the price you pay per X component using terminology that is the same for all players they can hide costs out of plain sight using names that are different to their competition and it's aim is to confuse you or to plain tick you. Subterfuge is what I call it.
@garrybrischke53
@garrybrischke53 2 ай бұрын
Government approved protection racket pure & simple.
@maxinerizzon9090
@maxinerizzon9090 2 ай бұрын
💯 agree with your comment, no more than elite theft.
@dnomyarnostaw
@dnomyarnostaw 2 ай бұрын
Just seen my partner do the "ring around for car insurance ', and waiting for an hour to get through to three big insurers. The most competitive price was a thousand dollars cheaper than QBE, so something weird is going on.
@UziMusic
@UziMusic 2 ай бұрын
Yep, my car insurance doubled, shopped around and luckily found something, next step though is no insurance if keeps going up pretty much, or walk 16km each way to work and 25km to uni with essentially no PT in town
@terrywade9989
@terrywade9989 2 ай бұрын
What really pisses me off is that all these companies are overseas owned....
@UziMusic
@UziMusic 2 ай бұрын
Blackmailed into a conflict of interest
@chrisburnett4742
@chrisburnett4742 2 ай бұрын
Great work Michael. Interestingly in 2022 I was able to bargain down the huge increase in our house and contents insurance but when the new inflated bill came late last year they would not budge on the rise which was 5 times inflation.
@rebeccapearson7486
@rebeccapearson7486 2 ай бұрын
Finally someone talking about this. Thank you.
@MrUnl0rd
@MrUnl0rd 2 ай бұрын
If there's any industry where supposed competitors are colluding, insurance would be it.
@KOGitnow
@KOGitnow 2 ай бұрын
I work in entertainment - it’s killing venues and festivals. Most venues saw a 5x rise in PL premiums. Some went from 12k a year to 60k. There’s no regulations they can do whatever they want
@evilsaddist666
@evilsaddist666 2 ай бұрын
I work in home insurance for Suncorp, it’s the reinsurance that doubled in price, the thousands of additional staff that had to be employed due to disasters, the red tape government loves to pile on, pricey to have staff 100% compliant trained, list goes on. So many times a day I see what can happen to a home and the devastating effects of the unthinkable happening to your home. It’s not a table of bond villains sitting around trying to take your money like so many think.
@GL-xz3xk
@GL-xz3xk 2 ай бұрын
Agree, but when you see the net/gross profit at the end of an FY, (even though there is a question of ‘how much is too much profit?’), it’s a bit hard to not go ‘ummm about that 20% increase on my car insurance, could you give me back a tiny fraction of your $xyz m profit please?’
@geob8172
@geob8172 2 ай бұрын
When your house damage claim is rejected you go to the Ombudsman who eventually tell you they have no power to make the insurer do anything. Win win for Insurers.
@crankybanshee3809
@crankybanshee3809 2 ай бұрын
I'm sure the exercise earned you a red flag on your permanent record for making a fuss and making them pay the Ombudsman's costs. Good on you - wave it with pride. Pliant peasants are still peasants.
@ScottMurrayBestFamilyCars
@ScottMurrayBestFamilyCars 2 ай бұрын
Black Box is such a misnomer. Such a piece of technological brilliance and factuality shouldn't really be associated with the Money Printing Licence industry. Every year, I go into battle (over the phone) to get a better price on car insurance despite doing such low kays, and every time, without fail, they automatically try to increase my excess. Fockers.
@sirspongadoodle
@sirspongadoodle 2 ай бұрын
Love your vids
@user-hc6hg1su2v
@user-hc6hg1su2v 2 ай бұрын
I questioned my car insurance increase. Youi explained it was because they have to cover more claims and more expensive claims. How is it fair to pass on their cost to me when i didnt make one claim in the year?
@miksterr
@miksterr 2 ай бұрын
Yep, car insurance renewal due. Same car, same house - nothing changed however has gone up 30% this year.
@robcosta9902
@robcosta9902 2 ай бұрын
I got scammed by income insurance paid for 25 years. When I needed it, Zurich Insurance ran away with my money and treated me poorly in the process-having a binge now with budget direct insurance, another gangster organisation.
@michaelmaskell5363
@michaelmaskell5363 2 ай бұрын
I am of the opinion that insurance companies should not be judge jury and executioner of the claims made by their clients. I BELEIVE that a fairer way is to have claims accessed by an independant body at arms length of the companies. Thhat is a body that is funded by the insurance companies by means of a fee or levy and overseen by government or judiciary. No more unfair claim denial by the industry.
@PD-fc3og
@PD-fc3og 2 ай бұрын
Insurance is an oligopoly in Oz. Our population and market size is small compared to countries overseas. No reason a government owned and run insurance body (remember GIO, SGIO, etc...) cannot be created to fix this issue. It was done in the past successfully & it worked. BUT our political parties are owned by private corporate interests. It'll never happen... Maybe after the next depression???
@danielweir81
@danielweir81 2 ай бұрын
I had insurance once, about 30 years ago 😆 🤣 😂
@Johndude-eq5vx
@Johndude-eq5vx 2 ай бұрын
House up 42% car up 51% and no claims for the past 20 years, it’s a rort and every year it’s the same. Ask you self how they get so many highly rated reviews on all the product review sites. I think they have managed to rort that system too.
@silvanapavlovska
@silvanapavlovska 2 ай бұрын
Just donated $38.99 to you. Thank you so much for top journalism. ❤
@hitreset0291
@hitreset0291 2 ай бұрын
Why not offer Australians "health savings accounts", where these funds can be used for health reasons of people's choice >> not the health funds choice?
@hitreset0291
@hitreset0291 2 ай бұрын
These individual "health savings accounts" can be built up in value over time and yet can be used as seen fit to maintain an individual's good health.
@the1ben
@the1ben 2 ай бұрын
Or individuals can just hold onto the money themselves.
@David-lr2vi
@David-lr2vi 2 ай бұрын
Or the government could just fund public health properly.
@SteveJB
@SteveJB 2 ай бұрын
In addition to the three you mentioned, I think RACQ Insurance went back to being their own show.
@russhicks3276
@russhicks3276 2 ай бұрын
Great job
@aussiefarmer8741
@aussiefarmer8741 2 ай бұрын
They are up there with Lawyers. Never trust an insurance company. If they can possibly get out of payment they will. They tried to bluff me once with a vehicle accident.It didn't sound right so I called the omsbudsman and they said to call them and send me a copy with the particular paragraph highlighted to verify things.They called me a week later and said "They had reviewed the case and it's been approved. How Evil.
@hereticalinfidelical
@hereticalinfidelical 2 ай бұрын
Thanks for your work mick
@cass2771
@cass2771 2 ай бұрын
My car insurance went up 45% from last year. I wrote to my favourite politician, and hope.
@Andre_XX
@Andre_XX 2 ай бұрын
And the Australian Bureau of Statistics Inflation report says insurance has gone up by how much???
@Watching58
@Watching58 2 ай бұрын
Michael, you missed Hollards
@DDB168
@DDB168 2 ай бұрын
The worst part about insurance is the post code pricing they apply. You can game the system but it requires being dishonest in your application 😉
@GL-xz3xk
@GL-xz3xk 2 ай бұрын
Ah the sacred cow that is insurance and the racket that is an absence of policing, a determination to look away from politicians and deliberate obfuscation by insurers. Wait until you get onto ‘created value’ by banks. Whoooo boy…
@Timothy2963
@Timothy2963 2 ай бұрын
My car insurance went up 17% last year and was about to go up 35% this year! Suncorp owned the insurer (AAMI) so I sort another quote as I am now 60. APIA, also owned by Suncorp, was 50% less than AAMI. What the hell is going on????
@robertwestinghouse4098
@robertwestinghouse4098 2 ай бұрын
Nationalise insurance. We used to have the GIO - Government Insurance Organisation......get it back. Also have a government Bank etc.....
@a9503128
@a9503128 2 ай бұрын
The reinsurance excess is $1b per insurance event
@peteranderson7487
@peteranderson7487 2 ай бұрын
That would depend entirely on the contract negotiated between the insurer and the reinsurer, the type of reinsurance and the items being covered.
@silvanapavlovska
@silvanapavlovska 2 ай бұрын
Thanks
@bluestreak6999
@bluestreak6999 2 ай бұрын
Keep up the good work!
@frenzalrhomb6919
@frenzalrhomb6919 2 ай бұрын
Insurance Companies . . Price gouging? Oh say it ain't so, SAY IT AIN'T SO!!
@ChristmasCrustacean1
@ChristmasCrustacean1 2 ай бұрын
insurance is meant to be a scam that everyone is meant to accept, problem is literally everyone else is scamming us at the moment and we don't have the patience
@Phoenix-in-flight
@Phoenix-in-flight 2 ай бұрын
When any company can advertise all day on every network in every ad break they're making too much money and I would never use them. Insurers are the worst and yes, our premiums reflect that ad budget and they still have disgraceful profits. 🤮
@soothsayer8767
@soothsayer8767 Ай бұрын
what a great video
@kingcarter9975
@kingcarter9975 2 ай бұрын
There’s greater transparency across those other industries you mentioned but we are still being gouged. What’s the point? It’s not going to change anything
@adamroodog1718
@adamroodog1718 2 ай бұрын
could you look into our growing two tier justice system please? we have no charges over the lawyer X thing. a scandal that has put the right to a fair trial in doubt. and it wasnt an isolated case i think it was reported during there were at least 13 other instances including clerks of the court in nsw and victoria. we have a politician who apparently was engaging in treason. but a word from asio was enough of a sanction against them, when the gaols are full of poor people who have done relatively small offenses at least compared to treason such as driving without a license. every time a police officer is caught out doing something wrong the worst thing that happens to them is that they might lose their job after a couple of years of paid leave with all their legal fees paid for by their union. like the tasing death of that 80 year old lady. or the mentally ill bloke who got a 'welfare' check only to be dragged out of his home pepper sprayed and was left sobbing at the feet of a ring of officers. or the mentally ill bloke who was just released from hospital after an episode and ended up with his face covered in pepper foam, hit by a police car from behind and then when on his hands and knee kicked in the back of the head to the ground etc etc. thanking you
@adamroodog1718
@adamroodog1718 2 ай бұрын
oh and i almost forgot about the young kid, he and his dog was shot infront of their family in their backyard for apparently wearing a hoodie.
@SteveJB
@SteveJB 2 ай бұрын
Also, why the hell am I seeing an ad for an Australian Citizens Party's partition after a Michael West video?
@darrynwiley6689
@darrynwiley6689 2 ай бұрын
Why not? The Citizens Party are the main drivers towards re-establishing Public Banking which will include Insurance too.
@Prawn47
@Prawn47 2 ай бұрын
ANZ did not buy out Suncorp's insurance arm
@madonnawaugh3471
@madonnawaugh3471 2 ай бұрын
National party sold off our insurance sector in Queensland
@raymondstone9636
@raymondstone9636 2 ай бұрын
Insurance grew from a gamble. It still is a a form of gambling.
@kevwills858
@kevwills858 Ай бұрын
The 20 people you guess who might know how it all works l would suggest are more like 7 people .. 7 Blind people trying to describe what an Elephant is by touch ... No one truly knows the animal, just their part.
@jobson586
@jobson586 2 ай бұрын
Biggest con of all time. Not only do they want your Crown Jewels but when you claim they want a $3000 up front payment?? Gave these Chonks the shoe years ago. Must be $30,000 infront if not more.
@kevwills858
@kevwills858 Ай бұрын
534% Increase over how many years ? ? Michael ? Im sure no ones premiums went up 534% This last year ... Seems thats your angle though .. unbelievable that no one but you suggest this ?
@ElectricCarAustralia
@ElectricCarAustralia 2 ай бұрын
👍
@a9503128
@a9503128 2 ай бұрын
Insurance or as it’s known middle-class Centrelink bought Home in a flood zone, no worries centre link is here for you. Insurance is supposed to make money to pay for the bad times.
@ETALAL
@ETALAL 2 ай бұрын
The reason for this as I've been rabbiting on about for a decade was the Global financial crisis and the derivatives market.To get insurance you have to offset the risk, but if everyone is insured, then nobody is insured because no one is holding tbe risk. Its real!y just that simple, So just as I warned premiums willl go to the moon, and just as I said privatization of the power grid will cause power prices to soar. The same nly solution is to not pay them on mass, but Australian's have become a nation of "Dog eat Dog" and everyone wants the first bite.
@listen2meokidoki264
@listen2meokidoki264 2 ай бұрын
I was taught that the basis of Insurance was utmost honesty (in dealings) between Insurer and Insured.. So why stop at BINGLE. How about GIGGLE Insurance. And with that much chutzpah I wouldn't be shocked to hear of an Insurance Brand: JOKE Insurance.
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