Suncorp backs ACCC’s call on reinsurance pool and mitigation
Leading insurer Suncorp has welcomed the ACCC’s contribution to the conversation around insurance affordability in northern Australia.
On page 43 of the latest Northern Australia insurance inquiry interim report, the ACCC states: “We do not consider that a reinsurance pool is necessary to address availability issues in northern Australia.”
Suncorp CEO Insurance Gary Dransfield said: “Two of Australia’s leading regulators, the ACCC and APRA, have now both confirmed natural disaster mitigation funding is key to sustainably improving insurance affordability in the region.
“Suncorp recommends that both government and individual homeowners should invest in mitigation to make communities and homes more resilient, and state governments should provide stamp duty relief to reduce the cost of living pressure.”
Suncorp’s latest submission to the ACCC Northern Australia Insurance Inquiry is available here.