GOOD TO SEE POLLIES TAKE ON THE BIG INSURERS

THERE wouldn’t be many North Queenslanders not hit by the increase in insurance premiums over the past 10 years.

Major flooding events and bushfires have seen insurance for properties in the North skyrocket.

An Australian Consumer and Competition Commission study of insurance premiums in Australia discovered that in early 2018, the average premiums of home and contents insurance in Northern Australia were double the average elsewhere.

The study also found that premiums had risen more rapidly in the North than the rest of Australia since 2010.

Later this year the threat of La Nina looms.

The Bureau of Meteorology, because of the weather pattern, has predicted above-average flooding and an increase in cyclones.

It says the region could be hit with four to six cyclones this summer and it seems insurance companies are already jacking up premiums again to try to cover the effects of the catastrophic events.

Yesterday, Katter’s Australian Party backed a proposal to relieve the pressure on North Queensland’s worsening insurance crisis by promoting a Strata Community Association of Queensland plan.

They are proposing to establish a national fund to compensate people whose property is damaged or destroyed by natural disasters.

KAP leader Rob Katter said the proposed national fund would drive down premiums and stimulate market competition and called on state and federal governments to put North Queenslanders first and back the move.

The issue is a valid one and it’s good to see political leaders having the courage to take on the big insurers and help residents.