Fur­ther mea­sures to tackle our strata in­surance costs

Whitsunday Times - - LOCAL NEWS -

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.”

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