27 May 2014 : KAP Leader and Federal Member for Kennedy Bob Katter has raised a question in Parliament today addressing the rising costs of insurance premiums for residents in FNQ.
“Insurance premiums in NQ have risen on average by 400%.” Mr Katter said.
This issue does not just pertain to residents in coastal areas of North Queensland. Mr Duncan Fysh of Julia Creek told the Member for Kennedy of his rising premiums from $2,300 in 1996 to $22,000 in 2013. (1000% increase in less than a decade).
“Julia Creek is not noted for floods, cyclones or tidal surges.” Mr Katter said.
Insurance broker Shannon Siebel from Mission Beach told Mr Katter that the costs for insurance premiums in the area had risen from $792 in 2007 to $3,714 currently.
“This is a 300% mark-up in Mission Beach in less than a decade and is not consistent to the rest of Australia.” Mr Katter noted.
“With pre-cyclone Tracy buildings all gone, no discrimination can therefore be actuarially justified.” Mr Katter said.
“The recent release of another Government discussion paper is a futile waste of taxpayer’s money and an insult to their intelligence – another excuse for the Government to remain idle on actually making a decision. As Winston Churchill stated “it is an indefinite postponement of any decision or a decisive decision for indefinite postponement”. Mr Katter said.
Mr Katter is asking the Government to (i) redline Insurance areas by regulation; OR (ii) Extend modified health insurance approach to cover dwellings; OR (iii) Provide partial government underwriting to deliver “real” future actuarial costing.
Mr Katter has previously written to The Insurance Council of Australia and the Minister for Finance/Assistant Treasurer regarding Insurance Affordability. Mr Katter has requested The Insurance Council of Australia visit North Queensland and hold a meeting in the region to address local residents.