Three South Australian MPs are campaigning to force insurers to open their books on public liability premiums.

But that’s just not viable, according to the Insurance Council of Australia’s (ICA) SA manager, Chris Newland.

He told Sunrise Exchange News corporate watchdogs such as the Australian Competition and Consumer Commission (ACCC) and the Australian Prudential Regulation Authority already monitored premiums.

And he accuses the politicians – “no-pokies” independent Nick Xenophon, Greens MP Kris Hanna and Family First Party leader Andrew Evans – of creating publicity for themselves.

“This class of business represents something like 6% of insurers’ total premium income,” Mr Newland said. “The reality is that since 2002, insurers have been opening their books to the scrutiny of the ACCC on a regular basis at the request of Commonwealth and state ministers responsible for insurance.”

The ACCC’s recent report on pricing – the third so far – contained no finding of improper pricing. “The report found that in the first half of 2003, public liability premiums rose 4%, little more than inflation,” Mr Newland said.

“Insurers have assured previous ministerial meetings they are continually reassessing their pricing in light of changes in the cost of claims.

“The reason SA has introduced liability reforms, along with all other states and territories and the Commonwealth, is to restore the balance between compensation paid to those injured through the negligence of others, and what the community can afford to pay in premiums.”