Insurance in North up 80%

HOME and contents insurance rose about 80 per cent across North Queensland between 2008 and 2013.

The figures were released in the Australian Competition and Consumer Commission’s issues paper for Northern Australia insurance inquiry yesterday.

The ACCC is undertaking an inquiry into the supply of residential building, contents, and strata insurance in Northern Australia.

While the ACCC deputy chair Delia Rickard said she did not want to speculate on why North Queensland’s insurance had risen by so much, she said the watchdog’s inquiry would determine that.

“We’re looking into all of this, we’re at the beginning of this process,” she said.

The ACCC will host a public forum in Townsville on November 15 to meet residents and insurance brokers.

“We’re still at the data collection end ( inquiry),” Ms Rickard said.

“We’ll be talking to insurance brokers when we’re there ( Townsville).

“Until we have all the facts in front of us we don’t want to speculate.

“It’s very clear that there’s been a large increase in the price.

“I guess what’s different about this inquiry is that we will have appropriate information gathering time.”

Ms Rickard said she hoped the ACCC’s inquiry would bring a reprieve in insurance costs for North Queenslanders.