Government Discussion Paper on high cost of Strata Insurance in Nth Queensland

The Federal Government has responded to wide concern by the public at the increases in the cost of strata insurance in North Queensland, by developing and publishing a Discussion Paper. I have commented on this topic myself several times over the past year or two.

The Government paper can be found here.

You will note LMI Group has been mentioned on page 13 as quite rightly providing a private comparison of insurance policies, including Strata policies. This is as a consequence of a meeting Carl Greenhalgh, acting Head of LMI PolicyComparison and I had with a Senior Advisor to the Assistant Treasurer earlier this year.

During our discussions, we also made mention of the work Texas Department of Insurance has undertaken on a website, namely www.helpinsure.com, which is featured on pages 14 and 15 of the Discussion Paper.

The senior leadership team of LMI are currently studying the document with a view of proving a written submission on this important topic. If you are interested in doing the same, please note the closing date is 2 June 2014.