The Australian Government Actuary will finish its inquiry into the cost of insurance in north Queensland by October 31, Federal Treasurer Joe Hockey says.

Responding to a question from north Queensland MP Bob Katter last week, Mr Hockey told Parliament the Government is assessing feedback from submissions to a discussion paper on the cost of home and strata cover.

He says the actuary has already reported that north Queensland has higher premiums because of recent claims experience and the final report “will inform the Government’s next steps”.