Northern Queensland specialist Sure Insurance says its pricing approach is allowing the firm to provide cover to customers who had previously held no insurance due to affordability problems. 
 
The insurer says some 10.7% of its current household policyholders previously had no cover and close to an average of 12% of all new policyholders insuring homes with the firm each month had been uncovered. 
 
CEO Bradley Heath says the firm entered the market in mid 2019 with a commitment to address affordability and to enhance access to cover, and independent research shows Sure has delivered on average annual household premium savings of $1480, or 30% per customer, across regional, north and far north Queensland. 
 
“Sure’s regional specialist approach to home insurance underwriting has delivered more affordable household insurance premiums, resulting in increased numbers of householders who previously held no home cover take-up insurance,” he said.  
 
The Australian Competition and Consumer Commission Northern Australia Insurance Inquiry Interim report (2019) estimated the home, contents and strata insurance non-insurance rate in northern Queensland at 17%, or more than 62,000 properties. 
 
Sure, through product issuers Liberty Mutual and Pacific International, entered the Federal Government $10 billion reinsurance pool at the start of this year. The firm says it will continue to work with government and the Australian Reinsurance Pool Corporation to assess further potential savings for policyholders.