Reinsurance Pool ‘Great Victory’ for North Qld: Bob Katter

Hinchinbrook MP Nick Dametto with the All Hours Towing crew helping to fill sandbags during the Townsville floods in 2019.

KENNEDY MP Bob Katter says the announcement by the PM that a $10b reinsurance pool will be established for North Qld is a great victory for the people and shows what can be achieved when North Qld MPs have the balance of power.

“George Christensen and I came out calling for a reinsurance pool in a press conference in Townsville,” Mr Katter said.

“The message to the Federal Government was very clear. They could create a reinsurance pool voluntarily or they’d be forced to do it.

“When Craig Kelly quit the Liberal Party earlier this year, I was called into the Prime Minister’s office and a reinsurance pool was high on my list of priorities. Once again it proves the power of having the balance of power, and please God we will be doing more with this power in the lead up to the next election.”

Mr Katter said action on North Qld’s skyrocketing insurance prices should have come in 2014/15 when there were massive meetings held in Cairns, Gordonvale and Innisfail, but it was undermined by a FNQ Government MP who called a ‘do-nothing’ inquiry.

“We are seeking the full details to make sure this reinsurance pool does the job that it needs to do,” he said.

“There are many people who never lost faith including the Hinchinbrook and Townsville Chambers of Commerce, and many other advocates.”

State Member for Hinchinbrook, Nick Dametto has cautiously welcomed the reinsurance pool announcement, but wishes it would commence sooner than its July 2022 start date.

“The start date means we will have to go through another cyclone season before a reinsurance pool is implemented,” Mr Dametto said.

“I know the federal crossbench is there to make sure this isn’t a PR stunt to pacify North Queenslanders coming into the federal election. If the Coalition Government is serious about this it should be implemented before the election, not after. But the KAP will be holding the next Federal Government to account, whether it’s Liberal or Labor, and will make sure that a reinsurance pool is delivered.

“I’m always concerned when I hear a Government is working closely with the insurance or banking industries because there’s always a chance that they could railroad this proposal. They don’t care about getting insurance prices down for North Queenslanders, they care about profits.”

“I’m calling on the State Government to follow the Federal Government’s lead on insurance action, by abolishing stamp duty for insurance premiums.”