Body corp calls on govern­ment to do some­thing about in­sur­ance

Port Douglas & Mossman Gazette - - FRONT PAGE -

PRO­VID­ING in­sur­ance re­lief to North Queens­land has been tagged as an im­por­tant is­sue in the lead up to the fed­eral elec­tion.

Archers Body Cor­po­rate Man­age­ment man­ag­ing di­rec­tor Colin Archer is call­ing on the fed­eral govern­ment to do some­thing about the in­sur­ance mar­ket fail­ure in the North, which needs more com­pe­ti­tion to help re­duce prices.

‘‘Un­der cur­rent leg­is­la­tion in­sur­ance com­pa­nies are al­lowed to pick and choose which ar­eas of the state they would like to of­fer strata in­sur­ance, which has re­sulted in many of them leav­ing the mar­ket in the past two years - this is some­thing that needs to change,’’ he said.

‘‘The im­pact of spi­ralling costs has forced some own­ers to go with­out in­sur­ance and has eroded the unit mar­ket in North Queens­land to the point where it is now the worst per­form­ing prop­erty mar­ket in Aus­tralia.’’

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