Lumley takeover gives IAG control of insurance relationships with 3 of 4 big banks, 6 of 9 retail banks, but ComCom says banks still have market power

By Gareth Vaughan

Despite Insurance Australia Group (IAG) controlling personal insurance relationships with three of the four major banks and six of nine key retail banks after its Lumley acquisition, banks will still be able to counter IAG's market power through the large scale of their business and their ability to move it to other insurers, the Commerce Commission says.

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