Ar­ti­cle misses re­port rec­om­men­da­tions

Pilbara News - - Opinion - Rob Whe­lan Chief ex­ec­u­tive In­sur­ance Coun­cil of Aus­tralia

Last week’s Pil­bara News ar­ti­cle (In­sur­ance stale­mate, 3/5) claimed the fi­nal re­port of the North­ern Aus­tralia In­sur­ance Pre­mi­ums Task­force rec­om­mended the “in­tro­duc­tion of a Gov­ern­ment-backed rein­sur­ance pool or mu­tual in­surer”. To the con­trary, the fi­nal re­port warned both op­tions may ex­pose tax­pay­ers to multi­bil­lion-dol­lar costs while po­ten­tially hav­ing no sig­nif­i­cant im­pact on pre­mi­ums.

The task­force ex­plic­itly stated mit­i­ga­tion was the only sus­tain­able way to lower in­sur­ance pre­mi­ums in cy­clone-ex­posed parts of Aus­tralia.

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