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Underinsurance survey 'will provide vital data'

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James Cook University and Cairns Regional Council have launched a survey to assess the extent of underinsurance in the region.

Cairns Deputy Mayor and Local Disaster Management Group Chair Terry James says the data collected will feed into decision-making around insurance and disaster recovery.

He says various inquiries – including the Australian Competition and Consumer Commission’s ongoing Northern Australia Insurance Inquiry – have established people in the region cannot afford the level of insurance they would like.

“We need to understand the extent of the issues Cairns people have in securing appropriate insurance,” he said.

“This local data will be vital for presenting back to stakeholders, including state and federal government agencies, on the ongoing problems of insurance for Cairns people.”

James Cook University senior lecturer Nick Osbaldiston, who is leading the research, says he’s keen to explore the impact of insurance premiums on people’s lives.

“This survey will gather important information on how many people are actually insuring in Cairns, their fundamental concerns around insurance, and how people understand the risks of living here,” he said.

The survey is jointly funded by the Queensland and Federal governments.