Government needs to act to reduce Queensland insurance premiums: petition
Thursday January 29 2015, 3:30pm
A Cairns-based mortgage broker has begun a petition calling on the State Government to intervene against skyrocketing real estate insurance premiums in Far North Queensland.
Roger Ward, director of cairnsmortgagebrokers.com.au, said he daily sees homeowners struggling with insurance premiums that have, in some cases, increased up to 800 per cent in recent years.
“It’s this experience which makes me someone who is deeply concerned about the spiralling insurance costs for Queenslanders.”
Mr Ward claims the insurance agencies are using the pretext of covering costs from recent natural disasters such as Cyclone Yasi as a market opportunity to increase profits from hugely inflated premiums.
“I feel the human costs of these increases has not been fully understood by the State and Federal Governments,” Mr Ward said.
“To put things in perspective, some of these building insurance premiums can take up to 46 per cent of an age pensioner’s yearly income.
“Waiting is simply not an option - the insurance industry has proven itself unwilling and dysfunctional in its ability to manage risk and more importantly manage shortfalls in the industry’s competition landscape.
“In this election year I ask that all Queenslanders sign this petition so we can place our case for immediate action.”
His petition on change.org is titled ‘The State Government of Queensland: Intervene to lower the costs of home and building insurance in Queensland’ and is directed to Member for Cairns Gavin King, Member for Barron River Michael Trout, Federal member for Leichhardt Warren Entsch and Queensland Premier Campbell Newman.
Warren Entsch has previously spoken out against the high price of insurance in Far North Queensland.