Labor welcomes reports today that the Government may require insurers to provide customers with more information about why their premiums are increasing.

The Labor-led Senate inquiry into the general insurance industry recommended this approach last year [recommendation 3].

The Senate inquiry found home insurance premiums had risen by an average 8.3 per cent every year for 15 years to 2016, while the average annual wage growth in that time was 3.4 per cent.

Under the Turnbull Government, wage growth has flat-lined making this disparity even more stark.

These high rates just add more pressure to the cost of living of many Australian households.

Labor will always work constructively to get a better deal for Australians and well be looking at the detail of what the government proposes to ensure that it is in the best interests of consumers.