State KAP Leader and member for Traeger Robbie Katter is calling on State and Federal Labor and LNP politicians in North Queensland to join forces and pressure the Banking Royal Commission to look at the massive price increases in insurance premiums in North Queensland over the last few years.
“I want to see these politicians table to the Royal Commission their insurance hike ‘horror stories’ to try and ensure that the premiums are investigated by the Commission, which is currently examining the insurance industry,’’ he said.
“I think the fact that insurance premiums in the North have more than trebled in recent years is one area that we can all agree on, regardless of our political views. I think we can also agree that it can’t be allowed to continue.”
Insurance premiums in the North have rocketed to be the highest in Australia ‘by a country mile’ following damaging cyclones in recent years.
Mr Katter said it was now a fact of life that thousands of properties in North Queensland were now not insured or are under insured.
“We know of cases where families have seen their house insurance premiums increased fivefold, to the point they simply can’t afford it,’’ he said.
“This needs to be a bipartisan issue and we cannot have politicians fighting amongst ourselves on this. We need to come together with one voice.
“In regions where the commercial insurance market is not operating effectively to support Queenslanders, we need to establish a state-owned insurance office.’’
Mr Katter said he will write to the Banking Royal Commission and request that it specifically examine the high cost of insurance in North Queensland and review whether insurance companies were price gouging.
“The next cyclone season is now on the horizon and North Queenslanders could not absorb any further insurance hikes,’’ he said.
“I’ll also ask Bob Katter to rally the Federal politicians and get them moving forward and together on this issue. There are some real insurance premium horror stories out there and we need to act with a united front. The Royal Commission has the power to force change, but we need to tell it what is happening in the North.”