Fairfax Media Network

Weather News

Hope for new policy to ease Gympie flood insurance premiums

By Jo Skinner and Alyse Edwards, Friday November 29, 2013 - 12:01 EDT

Gympie MP David Gibson says a new policy to reduce insurance premiums in flood-affected regions should be in place by Christmas.

The Queensland Government plan involves giving insurers more detailed maps so non-flood prone properties are not charged inflated premiums.

Mr Gibson says some Gympie residents have seen their insurance premiums double because of repeated flooding in the region.

"It's very easy when you're sitting in a glass tower office building in Sydney to be making decisions about insurance premiums that play out in Mary Street in Gympie but you need to really understand what is the impact of that," he said.

"Some of the anecdotal evidence from pensioners who've come in to show us is we've seen in the vicinity of [a] 50 to 100 per cent increase in premiums."

Mr Gibson says one of the problems is that properties are not being assessed on a case-by-case basis.

"Insurance companies using postcodes to determine the risk profile for an area, rather than actually drilling down into specific locations," he said.

"For example, treating all of Gympie 4570 as being high risk, when we know for a fact that much of Gympie doesn't flood and isn't flood-affected and those areas shouldn't be treated with the same risk profile."


- ABC

© ABC 2013

More breaking news

ABC News
Sydney Morning Herald
National Nine News
News Limited

Display Your Local Weather

Weather News

Spring is on its way for southern WA

16:05 EST

Southern parts of Western Australia are due for some warm weather after a cool start to the season.

Fog envelops much of eastern NSW

13:06 EST

Large portions of the east were shrouded in a foggy blanket in the early hours of the morning.

A fantastic finale to the Tasmanian snow season

15:14 EST

Tasmanian ski resorts at Ben Lomond and Mount Mawson are looking back at one of their best seasons in at least a decade.