Edi­tor’s com­ment:

Port Douglas & Mossman Gazette - - FEEDBACK -

THERE is no jus­ti­fi­ca­tion for Zurich Fi­nan­cial Ser­vices to slug body cor­po­rates in the Dou­glas re­gion with an as­tro­nom­i­cal 350 per cent price hike.

Zurich is one of only a few com­pa­nies to of­fer com­pul­sory in­surance to body cor­po­rates and the oth­ers are sure to fol­low suit now it is pub­lic knowl­edge what its in­ten­tions are.

Body cor­po­rate in­surance has al­ready al­most dou­bled in the last 18 months in the Dou­glas re­gion, so when the two rises are com­bined they equate to al­most 10 times what was charged just two years ago.

As Par­adise Links owner John Car­ney said, what busi­ness can sus­tain such as­tro­nom­i­cal rises.

The time has come for the Fed­eral Govern­ment to step in and con­duct a com­pre­hen­sive in­ves­ti­ga­tion into the in­surance in­dus­try.

While flood vic­tims in south­east Queens­land wade through a pile of bureau­cratic red tape to ac­cess their in­surance claims, we’re qui­etly cop­ping it as well.

The fact is the risk for body cor­po­rate in­surance is min­i­mal.

It does not cover in­surance for storm surges and the chances of apart­ment com­plexes or re­sorts be­ing de­stroyed by fire is min­i­mal.

While in­surance com­pa­nies may beat their chests about the threat of cyl­cones, there have been none in the re­gion be­sides Cy­clone Larry in In­n­is­fail for more than a decade worth wor­ry­ing their bot­tom line.

In the mean­time, these same in­surance com­pa­nies have been cream­ing it with ever-in­crea­se­ing premi­ums.

In the mean­time, own­ers have been left with no leg to stand on.

At a time when the lo­cal tourism in­dus­try is bat­tling a se­vere down­turn, we now have to deal with the pos­si­bil­ity of in­vestors pulling out of the re­gion be­cause of the sky-high levies.

There has never been a bet­ter op­por­tu­nity to run a fine-tooth comb through the en­tire in­surance sec­tor and find out why they can­not of­fer ad­e­quate cover for a rea­son­able price.

You can be sure the ma­jor­ity of them are still re­turn­ing a very handy profit.

It’s time for politi­cians to re­alise that money is ours as much as theirs, only it is only the con­sumer who is con­tribut­ing .

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