Northern-based LNP Senator Ian Macdonald is calling on the insurance industry fast-track their efforts to bring down the cost of insurance premiums for North Queenslanders seeking cover against cyclone damage.
“I note that earlier this week one insurer, RACQ, introduced discounts for homeowners who take measures to mitigate against cyclone damage,” Senator Macdonald said.
“I encourage the industry as a whole to look at innovative ways to reduce the crippling cost of insurance premiums.”
“Right across the North, premiums have increased so much that many home-owners can’t even afford to insure their homes, so it’s great to see some real progress being made.
Senator Macdonald said a number of insurers had been looking at ways to bring down premiums after the Federal Government created a Taskforce last year to investigate home insurance affordability.
“Over the past year, insurers have started looking at practical ways to reduce premiums and are working alongside researchers such as the team at James Cook University’s Cyclone Testing Station.
“I am pleased to finally see some real progress in identifying the ways home-owners can reduce the risk of damage to their properties during a cyclone.”