North Queenslanders paying record prices for home and strata insurance or who can’t access any cover at all are still being denied key details on how the Morrison-Joyce Government will deliver savings through a reinsurance pool.
A Senate Economics Legislation Committee hearing into the Cyclone and Flood Damage Reinsurance Pool found increasing uncertainty and confusion around the reinsurance pool because of a vacuum of vital public information.
The Morrison-Joyce Government continues to refuse to release modelling behind the reinsurance pool to show exactly how many North Queensland homeowners will benefit and by how much.
Labor’s repeated questions to Treasury officials revealed a continuation of the Morrison-Joyce Government’s nine-year record of making big claims with little to no detail or delivery:
“We are unable to go through to any level of detail…the Government has made its public interest immunity claim in relation to the modelling, so I’m not able to share more of the modelling detail.” – Treasury official
Key stakeholders are calling for more transparency around the modelling and exactly how the reinsurance pool will benefit all locals in North Queensland, including those not covered by the scheme:
“We just don’t know what impact the reinsurance pool will have on policyholders not covered by the insurance pool.” – Tyrone Shandiman, Northern Australia Insurance Lobby
After nine years of a Morrison-Joyce Government that hasn’t delivered, North Queenslanders know they can’t believe a word Scott Morrison says when it comes easing the burden of home and strata insurance prices in the region.
Labor will continue to work constructively on a reinsurance pool and is also calling for a comprehensive plan that includes mitigation, retrofitting houses and a suite of measures to properly address the problem in a region that is prone to cyclones and natural disasters.
Stakeholders continue to back plans by an Albanese Labor Government to improve Australia’s disaster readiness by reinvesting up to $200 million per year on disaster prevention and resilience:
“Sustainable reductions in premiums over the long term and better protection for at-risk communities will only be possible with significant investments to make communities more resilient to extreme weather risk.” – Mathew Jones,
Insurance Council of Australia
Prevention projects including flood levees, sea walls, cyclone shelters and evacuation centres will assist with spiralling insurance premiums in disaster-prone regions, by reducing the risk of expensive damage to homes and businesses.
North Queenslanders are still being forced to pay too much for vital home and strata insurance because of Scott Morrison’s inaction.
