The nature and development of the general insurance industry in Australia to 1973

Keneley, Monica and McDonald, Tom 2007, The nature and development of the general insurance industry in Australia to 1973, Australian economic history review, vol. 47, no. 3, pp. 278-299, doi: 10.1111/j.1467-8446.2007.00212.x.

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Title The nature and development of the general insurance industry in Australia to 1973
Author(s) Keneley, MonicaORCID iD for Keneley, Monica
McDonald, Tom
Journal name Australian economic history review
Volume number 47
Issue number 3
Start page 278
End page 299
Publisher Blackwell Publishing Asia
Place of publication Melbourne, Vic.
Publication date 2007-11
ISSN 0004-8992
Keyword(s) Australia
collusive agreements
fire tariffs
general insurance
market regulation
Summary 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.
Language eng
DOI 10.1111/j.1467-8446.2007.00212.x
Field of Research 150204 Insurance Studies
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2007, The Authors
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Document type: Journal Article
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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