Insurance 'game changer' to reduce FNQ premiums
The cost of insuring for cyclones and related flooding will be subsidised by the Federal Government under a new $10-billion reinsurance pool.
The move, to come into effect in July 2022, is predicted to reduce insurance premiums for households, strata and businesses across Northern Australia by more than $1.5-billion over the next decade.
More than 500,000 properties will be eligible.
The Local Government Association of Queensland has long been calling for a reinsurance pool, after studies revealed insurance premiums have risen by up to 178% in Northern Australia over the past decade, compared with 52% elsewhere.