October 23, 2024
Leader of The Nationals David Littleproud said insurance companies continue to rip off homeowners, despite mitigation works in flood-prone areas being carried out by councils across Queensland.
It comes as Suncorp told shareholders a plan to build a more resilient Australia must be at the top of the national agenda and that Suncorp continues to advocate for greater investment in disaster mitigation.
“I am extremely concerned about exorbitant insurance premiums in areas such as Balonne Shire, Bulloo Shire, Murweh Shire and Paroo Shire, where insurance premiums have increased by more than 400 per cent in some cases,” Mr Littleproud said.
“There is a need for greater transparency of flood risk mapping and the increased premiums associated with those areas.
“Regional Australians are increasingly paying a higher price for flood insurance premiums. These dramatic increases will also become a major factor in housing affordability during a cost-of-living and housing crisis.”
Examples include;
Charleville resident Peter Melano has also recently received a Suncorp insurance bill for $6677.
Mr Melano has lived in the 1950s three-bedroom home since the 1990s and has been a Suncorp customer for more than 25 years.
Despite his loyalty, Mr Melano’s bill jumped to $6677 after a previous bill of $2200 in 2022, then $4300 in 2023.
“How can a bill go up so much each year?” Mr Melano said.
“I don’t know if I will pay the bill. It’s getting to a point where you think, bugger it, I won’t insure the house.
“I just feel like it’s ridiculous, we have never even claimed in 25 years, we don’t have any motor burn, no claims, nothing.
“Even if I pay the bill this time, what happens if it goes to $10,000 next year?”
Mr Littleproud pointed out an $8.3 million mitigation project helped downgrade the flood risk for more than 500 properties in Roma as far back as 2019.
“The Roma mitigation works were completed years ago, yet Suncorp has the audacity to blame lack of mitigation work in flood-prone areas as a reason for increased premiums,” Mr Littleproud said.
“Council also spent millions of dollars putting a levee bank around Charleville. This levee bank has been so successful that a major flood at the start of 2024 resulted in no inundation to any dwelling.
“Despite this, my electorate office continues to receive complaints from worried homeowners, who are trying to do the right thing but simply can’t afford ridiculous and unfair insurance price hikes.
“Concerned residents are asking why their premiums are increasing year-on-year. They love the area they live in but can’t afford to pay for their home insurance.
“Suncorp is also blaming inflation. Tell me why then, Suncorp previously insisted premiums would be lowered once mitigation works were carried out, yet that is no longer the case.
“I am calling on the insurance companies to be transparent and fair. Our councils and homeowners are doing the right thing, so why can’t insurance companies?”
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