The Motor Trades Association of Australia (MTAA) said September 18 it supports regulators’ concerns about consolidation in the motor insurance market but opposes a pending acquisition that would further reduce competition.
The MTAA warned the Australian Competition and Consumer Commission against approving Insurance Australia Group Limited’s (ASX: IAG) proposed acquisition of RAC Insurance Pty Limited (RACI) from the Royal Automobile Club of Western Australia Inc, saying the deal would continue a troubling trend of market consolidation.
The ACCC has already approved two major insurance acquisitions this year: IAG’s takeover of RACQ Insurance in Queensland and Allianz’s purchase of RAA Insurance
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