New player promising $1000 average savings for customers

A NEW insurer focused on regional Queensland is promising to cut premiums on people’s home and contents policies by an average of more than $1000, or about 32 per cent.

Sure Insurance, backed by big USbased underwriter Liberty, will announce its launch in Townsville today promising to bring “fairness to insurance”.

Sure Insurance managing director Bradley Heath said home insurance was at a crisis point in North Queensland, with research showing premiums had increased 130 per cent over the past decade compared with 50 per cent in the rest of Australia.

“Regional Queensland residents are paying outrageous home insurance premiums with many unable to protect their home as they simply can’t afford it,” Mr Heath said.

“The situation is at crisis point, so we are launching Sure Insurance to provide the community with a go.”

Mr Heath said house insurance should not be a luxury expense but was fast becoming one.

He said they would assess property at a site or individual level with the premium offered reflecting the risk rather than provided only on the general risk of an area.

Based on their research, he said Sure Insurance would save customers fair on average more than $1000 a year or 32 per cent on their home insurance premiums.

He said it did not mean they would always be the cheapest.

“I think people need to have some incentive to change. We are trying to do the best we can for people,” Mr Heath said.

Mr Heath is a former CEO of RACQ Insurance, having worked for that organisation for 10 years up to 2016 and for the RACQ for more than 20 years.

Sure Insurance has partnered with global insurer Liberty Mutual Insurance Company, which will underwrite the policies.

Mr Heath said they would be a dedicated home and contents insurer for regional Queensland, covering mainland communities from Bundaberg north to Cape York, excluding islands.