Reinsurance Pool Modelling - The Numbers Don’t Lie
Assistant Treasurer Stephen Jones has been completely disingenuous with the Townsville community.
We were very clear. We always said for home owners facing the most acutecost pressures there would be savings of up to the figures used in March, based on the advice provided at the time.
The modelling dated 28 June 2022 that was released today and undertaken by industry-leading Finity Consulting on behalf of the Australian Reinsurance Pool Corporation, clearly shows the positive impact the reinsurance pool will bring.
For Townsville homes it shows an average saving of around 28%. A 28% saving on a $4000 premium would be $1120 back in the pockets of locals.
This report shows there’s only one person being misleading in this discussion, and that’s the Minister himself. A 28% average saving on a Townsville home’s premium would not have happened without this legislation.
Minister Jones and the Opposition supported the Reinsurance Pool when it passed the Parliament in March. It’s time to stop playing politics, and get the insurers on board.
The Pool remains absolutely crucial to reducing insurance premiums in North Queensland. I once again call on the insurers to confirm that they will pass on these savings in full.