More affordable insurance premiums are on the way
One of the biggest issues raised with me is the cost of insurance. Residents and businesses have been left high and dry by the insurance industry for far too long. We’ve had companies abandon the market leaving some with no choice but to under-insure or not insure at all.
This week we’ve announced a Government reinsurance pool for North Queensland and northern Australia. It’s a major, long-awaited move which will mean cheaper premiums for you.
Creating the reinsurance pool will support locals, with the Australian Government taking on the risk that insurers have been using as an excuse for our sky high premiums. I’m incredibly proud to be able to deliver this for our region and thank everyone who has provided input.
We’ve also announced a plan to reduce insurance costs for strata properties with the the North Queensland Strata Title Resilience Pilot Program, to start in 2022.
In 2018-19, the average strata premium was $6,800 in North Queensland, compared with the Australian average of only $3,300. The program will subsidise the cost of cyclone risk mitigation works to lower premiums
The Prime Minister also chose Townsville to announce the new National Recovery and Resilience Agency today, helping us to better prepare for and respond to the natural disasters which impact our community.
As well as funding major resilience projects like cyclone-proofing houses and building levees, it will also help get financial assistance out the door quicker to businesses like tropical fruit processing company Simsha, whose warehouse was damaged during the 2019 floods.
I’m committed to making sure these announcements deliver for our community as soon as possible. You can stay up to date by following me on Facebook at the button below and read more about the insurance announcement here.