Reinsurance pool announcement for North Australia welcomed
Date published: 4 May 2021
Townsville Mayor Jenny Hill has welcomed the Australian Government’s announcement of a North Australian reinsurance pool.
Cr Hill said the announcement made today would provide relief to residents, business owners and strata title holders that had been crippled by the rising cost of insurance in the north.
“Residents, business owners and strata title holders in Townsville and North Australia have been struggling under insurance premiums that are now almost double those in the rest of Australia and I’m sure this announcement will provide relief to a lot of people,” Cr Hill said.
“NQROC (North Queensland Regional Organisation of Councils) through TaskforceNQ, Townsville City Council, numerous other organisations and politicians at all levels have been very vocal on this issue for some time as it has been an impediment to the growth of the city and region, especially on the back of disasters such as the monsoon in 2019.
“Council and the Chamber of Commerce called on the Federal Government back in February to consider the reinsurance pool as part of the 2021-22 Budget submissions and Council is glad to see this come to fruition.
“This reinsurance pool will encourage insurers to re-enter the market in North Australia, providing more options and security to our residents, small business owners and strata title holders. I know those impacted are eager to see the details on how this will be implemented.
“I’d like to acknowledge the hard work of Mr Entsch and Mr Christensen, and the work of their newer colleagues the local member Phil Thompson and Senator McDonald in campaigning for this.
“I’m looking forward to working with the Federal Government during the planning phase so that the pool can be implemented as smoothly as possible next year.”