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ACIL Featured on ABC News: Addressing Northern Australia’s Insurance Crisis

tshandiman


The Australian Consumers Insurance Lobby (ACIL) has been featured in an ABC News story highlighting the significant challenges faced by strata property owners in northern Australia. The story delves into the impact of skyrocketing insurance premiums, limited competition in the market, and the devastating consequences for property owners.


ACIL Chairperson Tyrone Shandiman shared the story of a pensioner forced to spend 40% of her income—$17,000 annually—just to insure her unit. Cases like this demonstrate the severe financial strain caused by an insurance system that isn’t delivering fair outcomes for consumers.


ACIL is urging the 2025 review to implement critical reforms to address these issues, including:


  • Fairer modelling to ensure premium reductions are passed on to consumers.

  • Increased investment in mitigation to reduce cyclone risks and the underlying causes of high premiums.


In addition, ACIL has called on the federal government to dedicate $100 million annually to resilience measures that would strengthen communities and lower insurance costs in high-risk areas.


This feature on ABC News amplifies the voices of those impacted and provides a platform for ACIL’s advocacy for a fairer and more sustainable insurance system.


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