Katter's Australian PartyFar North Queensland spokesperson, Darren Hunt, has claimed that the multi-million dollar profits of insurance companies since the 2011 summer of disasters, highlights the need for the return of a state government insurance office.
“The recent announcement of the obscene amount of profit posted by insurance companies since the summer of disasters shows they are preying on the misery of Far North Queensland residents," Mr Hunt said.
"While they count their money like Scrooge McDuck, we still have people in affected areas unable to return to their homes and that is not good enough. We are sick of hearing Warren Entsch, the Member for Leichardt, and others bang on about how bad it is and do nothing or call for another pointless review," Hunt says.
Darren Hunt says there is no need for another report or review.
"We don’t need one," he told CairnsBlog. "We need an alternative that will keep these insurance companies to account. These companies are out of control and the only way to bring back affordable premiums for the people of FNQ is the re-establishing of a State Government Insurance Office.”
“Without the need to make multi-million dollar profits an SGIO could have taken the money received in premiums to secure or subsidise the cost of re-insurance."
Hunt says Queenslands have had enough and threatened to leave their insurer and join a State Government Insurance Office and watch how quick the premiums of the others would drop.
“A SGIO will be able to offer much more reasonable premiums as they don’t need to make these obscene profits we are seeing here and we call on the Newman government to implement this as a matter of urgency,” Darren Hunt says.