Fight against in­sur­ance

Port Douglas & Mossman Gazette - - NEWS - by ANGELIQUE PAT­TER­SON

A GROUP of unit own­ers on the Gold Coast want to form a co­op­er­a­tive in­sur­ance scheme to com­bat the spike in pre­mi­ums and are invit­ing unit own­ers from the Far North to join in their cru­sade.

While unit own­ers on the Gold Coast are ex­pe­ri­enc­ing 50 per cent hikes in their in­sur­ance pre­mi­ums, it is noth­ing com­pared to unit own­ers in the Dou­glas re­gion, with re­ports of 300 per cent in­creases.

The Queens­land Body Cor­po­rate As­so­ci­a­tion is seek­ing in­ter­est from body cor­po­rate com­mit­tees throughout the state to see if there is enough sup­port to form the co­op­er­a­tive in­sur­ance scheme.

The scheme would re­move the mid­dle layer, in­clud­ing body cor­po­rate man­agers, which would po­ten­tially save costs and in­sure those who cur­rently can­not get in­sur­ance.

Fed­eral Mem­ber for Le­ich­hardt War­ren Entsch said the ini­tia­tive was a start in the right di­rec­tion but more needed to be done from the Gov­ern­ment to ad­dress this dire is­sue.

“It’s about time we recog­nised these in­sur­ance com­pa­nies are cherry-pick­ing their mar­kets to max­imise their prof­itabil­ity,” he said.

“The In­sur­ance Coun­cil of Aus­tralia re­fuses to ac­knowl­edge there’s a prob­lem and Se­na­tor McLu­cas is say­ing ev­ery­thing is fine, all you have to do is shop around - one guy has been knocked back by 13 com­pa­nies even though he has never made a claim.

“The re­al­ity is the prob­lem is be­com­ing worse.”

Mr Entsch is still bat­tling to get the ICA to sup­port his pri­vate mem­bers bill, which he said aims to make in­sur­ance com­pa­nies pro­vide af­ford­able in­sur­ance for all or be pro­hib­ited from sell­ing their prod­uct throughout Aus­tralia.

“The Gov­ern­ment should be un­der­writ­ing it be­cause it’s ab­so­lute mar­ket fail­ure and Swan (Deputy Prime Min­is­ter and trea­surer Wayne Swan) is try­ing to pull out $400 mil­lion out of the un­der­writ­ing for ter­ror­ism in­sur­ance to fill up the bud­get deficit, but it could go to an­other scheme to help North Queens­land fix their prob­lem,” he said.

“It doesn’t need to be per­ma­nent, just un­til we can get oth­ers into the mar­ket pre­pared to sup­port us.”

To ex­press your in­ter­est in join­ing a co­op­er­a­tive in­sur­ance scheme email the Queens­land Body Cor­proate As­so­ci­a­tion at of­fice@qbca.org and for more in­for­ma­tion on MP Entsch’s Pri­vate Mem­ber’s Mo­tion go to his web­site www.war­renentsch.com.au.

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