REVEALED: Huge insurance increases for North Queenslanders
NORTH Queenslanders are getting stung by some of the highest insurance costs in Australia.
The revelation comes from an interim report from the Northern Australia insurance inquiry the Australian Competition and Consumer Competition is running.
Between 2007-08 and 2016-17, average premiums for combined home and contents insurance products increased by between 130-180 per cent in Northern Australia.
This was significantly higher than the rest of the country which was at 91 per cent.
However, when changes in the sum insured are taken into account, the increase in premiums is less dramatic," the report said.
"Between 2007-08 and 2016-17, the average premium per $1000 insured increased by between 23 and 67 per cent in Northern Australia, and around 16 per cent in the rest of Australia."
Another startling statistic showing our high insurance premiums was while Northern Australia makes up only five per cent of the number of policies, it accounts for about 10 per cent of premium revenue.
There were more than 280 submissions received by the ACCC, including some from Townsville.
ACCC acting chair Delia Rickard said the inquiry aimed to address concerns about insurance availability and affordability, promote informed and competitive insurance markets, and make a difference for consumers in Northern Australia.
"Some participants highlighted that insurance premiums are rising significantly and people and families are facing increasing financial distress. Many residents consider there is little choice, especially in strata insurance markets and some regional towns," she said.