Cr Willcox said these premiums were double the rest of Australia.
"It is not just homeowners who are struggling with high premiums, but also our tourism accommodation and marine operators face similar prohibitive expenses," he said.
"We are advocating for the Federal Government to underwrite cyclone insurance for North Queensland to bring our premiums in line with the rest of Australia.
"Everyone is happy to put their hands out for a share of our region's huge mining royalties, food from our horticulture and meat from our graziers, so it is only fair we get some financial relief to protect our key industries from financial stress."