THE NATURE AND DEVELOPMENT OF THE GENERAL INSURANCE INDUSTRY IN AUSTRALIA TO 1973

Monica Keneley () and Tom McDonald

Australian Economic History Review, 2007, vol. 47, issue 3, 278-299

Abstract: The development of the insurance industry in Australia in the twentieth century was fundamentally shaped by a collusive code of conduct called the tariff. This arrangement, established to overcome problems of uncertainty, initially benefited both tariff and non‐tariff firms by enhancing market stability. It also reduced competition. The collusive agreements gradually broke down, however, as new entrants and products entered the market in the 1950s. Self‐regulation gradually gave way as the ‘rules of the game’ changed. The result was a period of instability before new competitive practices, and more direct and specific regulatory requirements emerged in the 1970s.

Date: 2007
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