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PM s $10b pledge: Insurance scheme for crippled north Qld

News by Matthew Killoran Premium Content Subscriber only North Queenslanders smashed with the double blow of cyclones and insurers refusing to cover them or charging sky-high premiums will finally get some relief under a long-awaited scheme to be revealed today. Disasters, like Cyclone Yasi which destroyed this house at Mission Beach in 2011, have made insurance unaffordable or unobtainable in north Queensland. Picture: Supplied Insurance skyrocketed in north Queensland after a series of devastating cyclones, with the average premium for a strata property in north Queensland hitting $6800 a year, compared to the national average of $3000. The scheme will be a $10 billion reinsurance pool, or guarantee for insurers, and will apply to about 500,000 residential, strata and business policies from Rockhampton north and within 100km either side of the coastline.

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