Pre­mium chat

Port Douglas & Mossman Gazette - - NEWS - PAUL MIL­TON BUT­LER

CON­CERNED Dou­glas re­gion res­i­dents will meet rep­re­sen­ta­tives from the Fed­eral Gov­ern­ment over sky­rock­et­ing in­sur­ance pre­mi­ums next Mon­day at the Port Dou­glas Com­mu­nity Hall.

In the past 12 months some busi­nesses in the re­gion have been sent no­tices by their in­sur­ance com­pa­nies telling them their pre­mi­ums for pub­lic li­a­bil­ity and body cor­po­rate in­sur­ance would rise by up to 400 per cent.

Mai Tai Re­sort owner An­thony Roxburgh said his pub­lic li­a­bil­ity pre­mium had jumped from $2500 to $10,000 when he had to re­new it last month.

“We’ll pay it be­cause we have a gun to our heads, but it means we will have to forego our gen­eral and con­tents in­sur­ance for the rest of our home and busi­ness and so if there is a fire or a storm de­stroys our prop­erty we would be wiped out,” he said.

“Sim­i­lar to many busi­ness peo­ple, we have worked damned hard over many years and in­vested many hun­dreds of thou­sands of dol­lars into the busi­ness only for in­sur­ance com­pa­nies to turn around and do this. The men­tal an­guish this causes ev­ery­one can be quite de­bil­i­tat­ing too.

“The Gov­ern­ment must do some­thing or peo­ple will be risk­ing ev­ery­thing and go­ing to the wall.”

The House of Rep­re­sen­ta­tives Stand­ing Committee on So­cial Pol­icy and Le­gal Af­fairs is in­ves­ti­gat­ing the is­sue and the committee will be hold­ing a pub­lic hear­ing in Port Dou­glas next Mon­day, at the Com­mu­nity Hall, start­ing at 9am.

The chair­man of the committee, Mr Gra­ham Per­rett MP, is con­cerned by re­ports from body cor­po­rate res­i­dents of in­sur­ance pre­mium in­creases of up to 400 per cent also be­ing im­posed on them last year.

“The rate of strata ti­tle in­sur­ance pre­mium in­creases in north­ern Queens­land since Cy­clone Yasi has been ab­so­lutely stag­ger­ing and peo­ple are con­cerned whether these in­creases will be sus­tained,” Mr Per­rett said.

The committee will as­sess whether it is jus­ti­fi­able for the Fed­eral Gov­ern­ment to in­ter­vene to ad­dress the af­ford­abil­ity and ac­ces­si­bil­ity of in­sur­ance in the res­i­den­tial strata ti­tle mar­ket.

The meet­ing will be held from 9am to noon and is open to the pub­lic.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.