Phillip Thompson (Herbert, Liberal National Party) Share this | Link to this | Hansard source

We have now reached a major milestone in the fight to reduce the crippling cost of insurance premiums in North Queensland. This sitting fortnight, the Assistant Treasurer will introduce legislation in the House to enable the implementation of the reinsurance pool for cyclone and related flood events. It was great to be joined by the minister in Townsville for the announcement and to receive some feedback on the ground from the hard-fighting locals who push us across the line. It is being extremely well received because the reinsurance pool will be delivering savings that are more than double what was initially expected. We'll see savings on premiums of up to 46 per cent for homeowners, 58 per cent for strata properties, and 34 per cent for small and medium businesses.

The cost of insurance is one of the No. 1 issues that have been raised with me since being elected, and this policy will leave insurance companies with no excuse for the eye-watering premiums that locals have been enduring for many years. Importantly, this legislation includes eligibility for strata properties where at least 50 per cent of the floor space of units are used wholly and mainly for residential purposes. We'll also be expanding the pool to provide coverage for small-business marine property insurance. The Treasurer has already directed the ACCC to undertake price monitoring of supply of insurance products covered by the pool to ensure savings are passed on.