Media Release

02 November 2017: Hon Bob Katter MP, KAP Federal Member for Kennedy applauds comments from KAP’s Shane Knuth MP for Dalrymple and State candidate for Hill on rising insurance premiums.

Mr Knuth has said enough is enough, the government has to finally act on North Queensland’s skyrocketing insurance premiums, instead of just more ‘reports and looking into’.

This comes as the ACCC states insurance premiums in North Australia have increased by 80% between 2008-13. Mr Katter and Mr Knuth have had enough. The issue was raised by KAP in 2014 when they called a meeting in Innisfail, seeing a turnout of more than 600 people - all struggling with the price increase. Mr Knuth is concerned at the consequences starting to play out as the price rise shows no signs of slowing down.

“It has come to the point now that people are taking the risk of not insuring as a result of the massive rip off cost.

“We are talking about family homes on the line, and how does a pensioner afford their home?” Mr Knuth asked.

Nth Qld is the major contributor with increases of nearly 400 percent. Mr Knuth said the only option is to re-introduce a Sate owned insurance company as a competitor to keep the big insurers in line.

“We need a competitor that’s not in the best interest of profit but in the best interest of providing an affordable service to the community,” said Mr Knuth.

As reported by the Financial Review on October 16 2017, the Insurance Australia Group (IAG) gave their CEO a bonus of $2.5m this year, while North Queensland insurance continues to rise.

Mr Katter said the Government released yet another discussion paper on insurance premiums.

“We need the Government to establish an authority to underwrite ‘exceptional circumstances’ and ensure insurers are not profiteering off North Queenslanders.

“Now the Government has the ACCC undertaking yet another inquiry into insurance in Northern Australia. This is a futile waste of taxpayers’ money and an insult to their intelligence – another excuse for the Government to remain idle on actually making a decision.

“As Winston Churchill stated, ‘it is an indefinite postponement of any decision or a decisive decision for indefinite postponement’."

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