ACCC needs more power

Whitsunday Times - - NEWS -

THE prospect of sky-rock­et­ing in­surance premi­ums in the wake of Cy­clone Deb­bie ter­ri­fies Daw­son MP Ge­orge Chris­tensen.

“The law of prob­a­bil­i­ties says it will be an­other 40-50 years be­fore we have a dis­as­ter of that mag­ni­tude again so I don’t know if there is much jus­ti­fi­ca­tion for sharply in­creas­ing in­surance premi­ums at this time,” he said.

The Fed­eral Govern­ment al­lo­cated $7.9 mil­lion for the ACCC to mon­i­tor in­surance pric­ing in North Queens­land.

Lo­cal in­surance ex­pert Mar­garet Shaw sup­ported the mea­sure on the con­di­tion that the ACCC would have teeth.

“I be­lieve it will be well spent so long as the ACCC has the power to rec­tify ex­tor­tion,” she said.

Mr Chris­tensen said he had called for the es­tab­lish­ment of a North Queens­land re-in­surance fund to make premi­ums af­ford­able for North Queens­land res­i­dents.

PHOTO: CON­TRIB­UTED

BUD­GET: Mar­garet Shaw and Ge­orge Chris­tensen.

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