Sun­corp re­peats warn­ing

Whitsunday Times - - NEWS -

iron­i­cally plas­tered with a sticker say­ing “Kiss my Yasi”, in ref­er­ence to the cy­clone that smashed the Queens­land coast in 2011.

Mr Harris said the whole town of Air­lie Beach had suf­fered, but was slowly com­ing back to life.

“Ev­ery­one has taken a hit,” he said. SUN­CORP has reignited warn­ings against set­ting up a gov­ern­ment-backed cy­clone in­surer for North Queens­land.

The Fed­eral Gov­ern­ment in March last year seemed to have killed off the no­tion of es­tab­lish­ing such an in­surer, not­ing a task­force re­port had high­lighted “sig­nif­i­cant fi­nan­cial risk” as­so­ci­ated with such an in­sur­ance out­fit.

But the gov­ern­ment never de­liv­ered on a fi­nal re­port by June last year, as in­tended. Fi­nan­cial Ser­vices Min­is­ter Kelly O’Dwyer's of­fice in March this year told The Courier-Mail the gov­ern­ment was “still con­sid­er­ing the find­ings of the task­force”.

In­sur­ance in­dus­try sources have been con­cerned the Turn­bull gov­ern­ment feared a back­lash from some North Queens­land Coali­tion par­lia­men­tar­i­ans for op­pos­ing the scheme, and now North Queens­land MP War­ren Entsch has been quoted as say­ing he is con­fi­dent of Prime Min­is­ter Mal­colm Turn­bull sup­port­ing a mu­tual in­surer.

Share­holder-owned Sun­corp last Mon­day ar­gued a mu­tual in­surer backed by gov­ern­ment was not in the na­tional in­ter­est. Mit­i­ga­tion and build­ing stronger homes were bet­ter op­tions, Sun­corp ar­gued.

The task­force re­port last year was spurred amid high in­sur­ance costs for house­holds in North Queens­land.

PHOTO: AN­NETTE DEW

WRECKED: Stu­art Harris at Shute Har­bour with his for­mer home, a boat called Munn.

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