Soaring premiums in the sunshine state

The Local Government Association of Queensland (LGAQ) is urging the Federal Government to set up a national reinsurance pool before the next disaster season to help cut the cost of soaring premiums in the state.

The peak body, which represents 77 councils, says the measure is needed to keep insurance affordable and prevent Queensland residents from carrying an “unfair burden”.

The LGAQ says the recent Australian Competition and Consumer Commission (ACCC) report shows premiums have risen 178% in northern Australia in the last decade, compared to 52% in the rest of the country.

More than 62,000 properties in North Queensland are currently uninsured, with more than 95% of those uninsured property owners citing cost as a reason!

LGAQ President and Sunshine Coast Council Mayor Mark Jamieson says, “This is just simply unacceptable in a state as highly vulnerable to natural disasters as Queensland.

“Our member councils want a reinsurance pool established to help reduce those costs so their communities are not unfairly burdened, and we support their call.

You can read the full article by Insurance News at “Queensland councils join forces in reinsurance pool push“.

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