In­sur­ance price goug­ing to be in­ves­ti­gated

Port Douglas & Mossman Gazette - - NEWS -

PROP­ERTY own­ers un­happy with their body cor­po­rate in­sur­ance pre­mi­ums and strata in­sur­ance have un­til Mon­day to sub­mit their con­cerns as part of the fed­eral fight against the body cor­po­rate giants.

Mem­ber for Le­ich­hardt War­ren En­stch’s call for some­thing to be done about pre­mi­ums ris­ing 400800 per cent has been backed by his po­lit­i­cal ri­val, La­bor se­na­tor Jan Mclu­cas.

Ms Mclu­cas has launched a fed­eral com­mit­tee to in­ves­ti­gate the al­le­ga­tion of price spik­ing af­ter Mr En­stch’s sub­mis­sion to the Aus­tralian Com­pe­ti­tion and Consumer Com­mis­sion (ACCC) to in­ves­ti­gate price goug­ing in the Far North.

Mr Entsch’s cam­paign is com­ing to a close but be­fore it does next Mon­day the fed­eral rep­re­sen­ta­tive is urg­ing ev­ery­one to sub­mit their sto­ries of their in­sur­ances ris­ing.

The fight is gain­ing mo­men­tum with the Fed­eral Govern­ment an­nounc­ing the Nat­u­ral Dis­as­ter In­sur­ance Re­view would also in­clude the is­sue of ris­ing pre­mi­ums fol­low­ing the North Queens­land com­mu­nity fo­rum held in Novem­ber of last year.

The in­quiry into res­i­den­tial strata ti­tle in­sur­ance in North Queens­land will ex­am­ine the cost and af­ford­abil­ity of the in­sur­ance and it is im­por­tant prop­erty own­ers have their say to en­sure the out­comes re­flect the cur­rent price sit­u­a­tion.

Send sub­mis­sions and con­tact de­tails by Mon­day to spla.reps@ aph.gov.au and it does not have to be a for­mal sub­mis­sion - how much your body cor­po­rate premi- ums and strata ti­tle in­sur­ance has risen and how it has af­fected your liveli­hood.

Pub­lic hear­ings will be held through­out North Queens­land and ev­ery­one is urged to at­tend. The Port Dou­glas hear­ing will be on Jan­uary 30 at the Port Dou­glas Com­mu­nity Hall from 9am-12pm and at the Sebel Ho­tel in Cairns the same day from 2.30pm-5.30pm.

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