“Most insurers gave only generic explanations in supplementary documents, with some providing no explanations at all,” ASIC commissioner Alan Kirkland said. “This fails to meet the needs of customers trying to understand the reasons for significant price increases.” Without being told the reasons for their premium increase, customers were being denied crucial information to decide whether they should stay with their current insurer or shop around, Mr Kirkland said. Insurers were also bad at disclosing when customers would be charged more for paying in instalments compared to a single annual payment. A spokesperson for Insurance Council of Australia said the industry recognised the need to support customers to understand what they are paying and why.