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Insurance Business | 18 Aug 2015, 09:00 AM Agree 0
As a landmark government project releases its interim report, which warns brokers could be “squeezed out” of a key market, the industry has reacted strongly to the idea of Government involvement.
  • Magnus Carlssen | 18 Aug 2015, 10:07 AM Agree 0
    Mitigating against Cyclone is a bit different to mitigating against flood, where levies and stop banks can be built.
    Cyclone mitigation is more granular. With the levels of under insurance and non insurance as a result of the current horrendous premiums above the 26th parallel, risk mitigation to homeowners will mean diddley squat and does nothing to address the inequality of premiums contributing to the risk pool between Sydney/Brisbane etc. and FNQ.
  • Terry Mills | 18 Aug 2015, 10:49 AM Agree 0
    The suggestion that brokers would be squeezed out of the market were there to be a cyclone reinsurance pool is nonsense.
    As Magnus Carlssen has noted, the level of premiums above the 26th parallel has already driven many home owners away from insuring or purposefully under insuring or, in some cases that I am aware of, insuring contents only relying on government natural disaster largesse to hopefully repair damaged buildings.

    Mitigation against cyclone is not the same as bush fire or flood, in circumstances where you are already compliant with building regulations.
  • Observer | 18 Aug 2015, 11:49 AM Agree 0
    Take heart insurance industry participants....our government will not be in power long enough to push this barrow past the finish line. Moreover, Warren Entsch has found a new minority group to focus upon. So for the time being Insurance affordability is off the radar unless your gay and struggling to pay your strata premiums.
  • Helena | 18 Aug 2015, 01:05 PM Agree 0
    Perhaps the government could look at removing the costs of GST and stamp duty on owner occupied policies - that would provide some premium relief, especially for people in northern Australia, while this debate continues.
  • Magnus Carlssen | 19 Aug 2015, 09:37 AM Agree 0
    To Observer.. I wish there was a "Like" button. Love it.
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