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All quiet on the northern front

The Northern Australia Insurance Premiums Taskforce was due to submit its final report to the Government by the end of this month – but nobody seems to know where it is.

A spokesman for Assistant Treasurer Kelly O’Dwyer could only say the minister is unwell and there is no news.

The Insurance Council of Australia has heard nothing and nor has the National Insurance Brokers Association (NIBA).

NIBA CEO Dallas Booth, who is on the reference panel, told insuranceNEWS.com.au his last contact with the taskforce was two weeks ago.

“The process is clear; there was a commitment to providing the final report to the Government by the end of November,” he said today.

“I am assuming the report has gone in, or will go in today. It then becomes a matter for the minister as to whether it is made public.”

The taskforce was set up to explore options for reducing home, contents and strata insurance premiums in northern Australia, and addressed the possibility of a mutual insurer or cyclone reinsurance pool.

The interim report, released in August, also gives significant consideration to mitigation strategies, much to the delight of most of the insurance industry.

Consultation on the interim report prompted 37 submissions. Which, if any, have been taken on board remains to be seen.