At the Insurance Council of Australia’s 2014 Regulatory Update on Friday 28 February, the Assistant Treasurer announced the development of an aggregator for the North Queensland domestic and strata property insurance market and a study by the government actuary of the strata insurance market in North Queensland.
These initiatives are a response to addressing the availability and affordability of insurance in this region. The Assistant Treasurer said insurance should be ‘affordable and accessible’. The question will be whether these initiatives will change the insurers’ appetite for this market and deliver a reduction in premiums.
