The situation with the North Queensland insurance market has reached crisis point. I believe we need to look at proposals that will require insurers to either have a mandated percentage of premiums and policies in the North or that flattens the costs of insurance in the North. The requirement could be linked to holding an insurance license. This could bring insurers back into the NQ market at affordable premium rates, providing decent competition for North Queenslanders.
My proposal is as follows:
- The Morrison Liberal National Government require insurance companies to maintain a minimum percentage of policy holders in areas considered to be significantly disaster prone or establish a government-backed disaster reinsurance scheme to bring down premiums.
- The Palaszczuk Labor Government remove or significantly reduce stamp duty on insurance products in North Queensland.
- The both Federal and State governments take any other reasonable measure that will lower the burden of insurance premiums in significantly disaster prone areas (e.g. additional direct financial assistance for household mitigation works).