ACIL calls for insurance affordability reform
ACIL calls for insurance affordability reform | Insurance Business Australia
Insurance News
ACIL calls for insurance affordability reform
Call out comes ahead of Queensland election
Insurance News
By
Roxanne Libatique
As the Queensland election looms, the Australian Consumers Insurance Lobby Inc (ACIL), formerly known as the Northern Australia Insurance Lobby (NAIL), is ramping up its campaign focused on making insurance more affordable.
A key part of the campaign is the push for changes to Stamp Duty, with a spotlight on the significant insurance issues facing residents in North Queensland.
Challenges in North Queensland over cyclone insurance costs
The residents of North Queensland are currently grappling with the financial burden of skyrocketing cyclone insurance costs. The intended solution, a cyclone reinsurance pool, has fallen short of providing the anticipated financial relief to homeowners in the area, according to ACIL.
This situation gains added significance as predictions suggest that the outcome of the upcoming Queensland election could be influenced by voter sentiment in North Queensland. ACIL is seizing this opportunity to advocate for meaningful insurance reform.
Calls for abolishing Stamp Duty
ACIL has engaged in dialogue with key figures within the Queensland Treasury and opposition, including David Janetzki (Shadow Treasurer) and Tim Nicholls (Former Treasurer and Shadow Attorney-General).
The organisation’s discussions aim to bolster the argument for eliminating Stamp Duty, highlighting the positive impact such a move would have on consumers, particularly those in regions like North Queensland that are prone to high risks.
Strategies for enhancing insurance affordability
ACIL is orchestrating a series of initiatives designed to bring together consumers, the insurance industry, and policymakers. It suggests two key strategies to tackle the issue of insurance affordability in Queensland:
Stamp Duty elimination to provide immediate relief from the cost-of-living, encourage economic growth, and ensure a more equitable tax system for insurance policyholders; and
Funding for mitigation and resilience to improve insurance accessibility and affordability, thereby making communities more disaster-resilient.
Calls for policymaker action
In the context of Queensland’s unique challenges, particularly those faced by the North Queensland community, ACIL is calling on policymakers to give serious consideration to these proposed reforms.
“As the election draws near, there is a timely opportunity to address these pressing issues, offering a path to greater affordability, fairness, and resilience for the people of Queensland, especially those in cyclone-prone North Queensland,” ACIL said. “ACIL is open to speaking with any politician interested in discussing the impact of the cost-of-living on insurance and reforms in stamp duty.”
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