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Government response to premiums report still missing

More than a year after the final report of the Northern Australia Insurance Premiums Taskforce was published, the Federal Government has still not responded to it.

Revenue and Financial Services Minister Kelly O’Dwyer launched the report at the Insurance Council of Australia (ICA) forum in March last year, saying the Government would respond “in the coming months”.

But there is still no sign of the response, leaving campaigners “incredibly disappointed”.

The taskforce was set up to investigate possible solutions for spiralling insurance premiums in northern Australia.

Its report came out strongly against government intervention, recommending cyclone mitigation as the only way to reduce insurance premiums on a sustainable basis.

“People up here think they’ve been forgotten again,” campaigner and taskforce advisory panel member Margaret Shaw told insuranceNEWS.com.au.

“The delay is disappointing but not surprising.

“Look how long the Government took to respond to the Productivity Commission report on disaster funding. It came out in March 2014 and they only responded at the end of last year.

“We are still getting some ridiculous insurance premium quotes, including increases of up to 40%.”

A spokesman for Ms O’Dwyer says the Government is “carefully considering” the complex issues within the report.

ICA says it does not know when the Government will publish a response to the report.

That “is in the hands of Ms O’Dwyer”, a spokesman said.

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