Further measures to tackle our strata insurance costs
AN INSURANCE comparison website is one of a range of measures intended to promote competition among insurance companies in North Queensland.
The Australian Securities and Investments Commission will establish the website by March 2015.
Federal Member for Dawson, George Christensen, said the website would help North Queenslanders to compare home building and home contents insurance products.
“The site will make information easier to compare the performance of insurers on price, product features and claims handling complaints, which will put pressure on insurance companies to offer the right products at a competitive price,” he said.
Following a considered discussion paper process, the Federal Government has also promised other initiatives to tackle the high cost of insurance in North Queensland, while also minimising the regulatory burden.
Mr Christensen said the government would boost competition by clarifying that licensed brokers could sell policies from foreign insurers where they offered consumers a better price.
“We are also working closely with the Queensland Government to develop a program of engineering assessments for strata properties in North Queensland,” he said.
“This will improve information available on a building’s susceptibility to weather damage and ways to make properties more resilient.”
Mr Christensen said the Australian Government Actuary was also preparing a report on home insurance pricing.
“This report will bring to light the extent to which North Queenslanders pay more for their insurance,” he said.
“With the cyclone season approaching, we strongly encourage North Queenslanders to check that their level of insurance cover is adequate.”