Fire and ISR, the largest unauthorised foreign insurer (UFI) class, led the decline with new or renewed premiums invoiced down 27.3%, based on APRA data.
The decision follows opposition from Queensland councils, with further changes aimed at preserving access to recovery assistance and easing funding eligibility.
The companies argue the regulator failed to assess the acquisition as part of their broader strategic alliance, including distribution and brand licensing arrangements.
The change is expected to have a significant financial impact on lower-income older Australians, including pensioners and part-pensioners, while placing additional pressure on the public hospital syst...
