Property Owners in Queensland Pay up to 12 Times More for Insurance Than Southern Neighbours, Senate Inquiry Finds

Property owners in Queensland’s cyclone region are facing insurance premiums up to 12 times higher than those living near the southern border, the North Queensland Strata Action Group has told a Senate inquiry. This disparity is exacerbated by inadequate support from insurers as the frequency and severity of natural disasters intensify. Since 2022, insurance premiums have more than tripled, adding significantly to the cost-of-living crisis. Residents are struggling to keep up, with some paying high fees based on risks that may not apply to their specific community because the risk is assessed and prices set for the entire region. For instance, Mackay has not experienced a cyclone since 1918, but property owners still pay for that risk....