The Minister for Finance and Acting Assistant Treasurer, Senator the Hon Mathias Cormann, has released for public consultation a discussion paper canvassing policy options to address the high cost of home and strata title insurance in North Queensland.
This discussion paper calls for business and community input on options to:
- Help consumers to compare insurance products by developing an insurance information and comparison website (or an insurance ‘aggregator’).
- Promote resilience of strata title buildings by facilitating engineering assessments of strata title properties in North Queensland.
- Expand North Queensland insurance markets by encouraging participation by foreign insurers.
Views are welcome on the advantages and disadvantages of each option proposed in the discussion paper and how these can be best implemented.