LABOR MUST COMMIT TO NORTHERN INSURANCE RELIEF

Shadow Minister for Northern Australia, Senator Susan McDonald, has urged people to provide details of their skyrocketing insurance premiums to the ACCC’s Insurance Monitoring branch.

In light of a report released this week by the ACCC into Northern Australia insurance premiums, Senator McDonald said disgruntled customers should send their premium bills to insurancemonitoring@accc.gov.au.

She also called on the Federal Government to fully commit to the $10 billion Northern Australia Reinsurance Pool.

“The email address is something I asked the ACCC to make available so people can alert them to just how dire the situation is in Northern Australia,” said Senator McDonald.

“The ACCC report into insurance really confirmed why the previous Coalition Government created the pool.

“The report found people in Northern Australia pay more than $1000 above the national average premium for residential insurance, and almost double the average premium for strata and business insurance,” she said.

“It is in line with what we heard at the Joint Select Committee on Northern Australia Inquiry this year that the establishment of the reinsurance pool is under way and the transition period is progressing as expected.

“The reinsurance pool will alleviate insurance costs but the negative language from the new Labor Government is sending poor signals and spreading undue scepticism and reluctance.

“Insurance costs in Northern Australia are holding back development and putting enormous strain on households and businesses, so the Coalition will continue to push hard for the pool to come to fruition and for the Labor Government to allow the process to run.”

ACCC Report: https://www.accc.gov.au/media-release/insurance-premiums-in-northern-australia-remain-high-ahead-of-insurers-joining-reinsurance-pool

ENDS