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15 February, 2021

Are rate rises cyclone driven?

RESIDENTS in Mackay and elsewhere in North Queensland are facing skyrocketing insurance premiums on household insurance, which has risen by 72 to 92 percent in the past 12 months.

By John Bell

Insurance premiums have risen by up to 90 per cent for some households. Photo: Andrew Sorensen

Mackay’s holiday resort owners have also faced insurance increases of 191 percent and apartment or strata owners’ insurance premium have increased by 20-fold.

Mackay’s residents have found it hard to believe that Suncorp and its numerous marketing brands and other insurers, have blamed Cyclone Debbie in 2017 for escalating insurance premiums in 2021.

This is because billions of dollars of recent insurance claims have been bushfires and hail damage in southern states.

For example, Australia’s biggest insurance company, IAG, has reported to the Australian Stock Exchange (ASX) that it had received 40,000 claims for catastrophic hail-storm damage in Melbourne, Sydney and in Canberra.IAG, reported that insurance company profits for the six months to December 31 in 2020, profits were up by 33.1 percent to $670 million.

IAG reported that insurance company profits for the six months to December 31 in 2020, profits were up by 33.1 percent to $670 million.

What are your thoughts? We would love to hear your views and experiences about home insurance.

Please contact Mackay Local News at news@mackaylocalnews.com.au or 0409 116 936.


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