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Joint Call for Action: Addressing Insurance Affordability in Queensland


The Australian Consumers Insurance Lobby Inc, Financial Rights Legal Centre (which operates the national Insurance Law Service), Queensland Consumers Federation, Consumers Federation of Australia, Unit Owners Association of Queensland and Owners Corporation Network are united in calling on the Queensland Government to show leadership in addressing the escalating crisis of insurance affordability.


In the face of compelling evidence that Queensland is currently the most unaffordable and uninsurable state in Australia, these organisations believe it is imperative for the government to implement meaningful reforms. This joint call to action highlights the urgent need for measures that will alleviate financial pressures on households and businesses, promote fairness, and enhance financial resilience across the state.

Key Issues:


  • Queensland residents and businesses, particularly those in high-risk areas, are facing exorbitant insurance costs.

  • The current system disproportionately burdens those who can least afford it, exacerbating challenges related to insurance affordability, availability, and financial resilience.


Proposed Solutions:


  • Removal of Stamp Duty on Insurance: Eliminating or reducing stamp duty on insurance premiums can provide immediate financial relief to consumers and businesses, reducing the overall cost of insurance.

  • Investment in Resilience and Mitigation Measures: Allocating funds towards resilience and mitigation initiatives can help reduce the risk of damage from natural disasters, leading to lower insurance premiums in high-risk areas.


Statements


Australian Consumers Insurance Lobby Inc: “Some residents in North Queensland are paying up to ten times more for their insurance, disproportionately increasing their stamp duty payments, yet recent budget measures have failed to address this critical issue.” – Tyrone Shandiman, Chairperson.


Financial Rights Legal Centre, which operates the national Insurance Law Service “Insurance unaffordability is becoming widespread across Australia. By its very nature, this issue disproportionately impacts people on lower incomes who tend to occupy a greater proportion of housing in more disaster-prone areas. Queenslanders face unique affordability challenges, so we urge the government to take decisive action to help address these issues before even more people lose the ability to protect themselves from risk.” – Karen Cox CEO.


Consumers Federation of Australia: “Insurance affordability has emerged as a critical concern for consumers across Australia, with Queensland facing its own unique challenges. We fully support the Queensland government in taking action to improve the affordability and availability of insurance.” – Gerard Brody, Chairperson.


Unit Owners Association of Queensland (UOAQ) "The exorbitant cost of insurance is affecting the quality of life for unit owners across Queensland. We need decisive action to protect our homes and our financial wellbeing." — Bob Boundy, Secretary/Treasurer.


Owners Corporation Network (OCN) "High insurance costs are a major concern for property owners. We urge the government to consider reforms that will make insurance more affordable and accessible for everyone." —Karen Stiles, Executive Director.


Relevant Documents:


Joint Call - Insurance Affordability
.pdf
Download PDF • 587KB


20240704 Copy Letter to Labor Joint Call Insurance Affordability
.pdf
Download PDF • 188KB


20240704 Copy Letter to LNP Joint Call Insurance Affordability
.pdf
Download PDF • 189KB



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