Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

That is not right, because the insurance premium increases are applied across the board—effectively, right across North Queensland. So it is not isolated to a particular class. For example, body corporate insurance has increased so significantly in the last six years, but other classes of insurance have also increased due to the increased cost of reinsurance but also because of market concentration up there. Market concentration is an issue particularly in relation to body corporate insurance.

Having said that, I want to be able to report to you, in the next few weeks, exactly what has come out of the discussions between the Assistant Treasurer and the insurance companies in relation to this matter, because it is something that has been raised repeatedly by my colleague the member for Leichhardt and the member who was recently ejected from the House, the member for Herbert. The fact is that this affects the whole of Queensland and it is a serious issue.

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