ED­I­TOR’S COM­MENT

Port Douglas & Mossman Gazette - - LETTERS -

ANY­ONE caught up in the “scam” that is body cor­po­rate in­sur­ance in the Far North might well want to take a look at moves by unit own­ers on the Gold Coast to form their own co­op­er­a­tive in­sur­ance scheme.

It seems ridicu­lous that the Far North body cor­po­rate own­ers who have had no ma­jor claims for cy­clone dam­age in the past 20 years or more are hit with in­sur­ance pre­mium rises of up to 300 per cent per an­num while home own­ers in Bris­bane, where thou­sands of homes were de­stroyed in the floods last year, faced hardly any in­crease.

Mem­ber for Le­ich­hardt War­ren Entsch is spot on when he says in­sur­ers are cher­ryp­ick­ing their mar­kets to max­imise their prof­its.

If they can’t of­fer a rea­son­able price for cov­er­age in our re­gion when there has been far much worse dam­age from nat­u­ral dis­as­ters down south then the Fed­eral Gov­ern­ment should in­ter­vene and re­strict their abil­ity to op­er­ate.

We al­ready pay over the odds liv­ing up here and if in­sur­ance pre­mi­ums can’t be of­fered fairly, then it is not un­rea­son­able for the Fed­eral Gov­ern­ment to step in and cover it.

In­sur­ance com­pa­nies would re­alise pretty quickly they were los­ing out on mil­lions of dol­lars in easy money if this were the case and I’m sure they would re­turn with a more rea­son­able of­fer.

The Fed­eral Gov­ern­ment has con­ducted a re­port into the prob­lem and we are await­ing a re­sponse. In the mean­time, the Gold Coast own­ers have de­cided enough is enough and are try­ing to build a crit­i­cal mass to see if they can ne­go­ti­ate a bet­ter out­come.

While it would be nice to think the Gov­ern­ment would be able to help us out, it might be a case of hav­ing to take care of it our­selves ... again.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.