With new CPI data out showing insurance premiums are soaring in Queensland’s capital, the Real Estate Institute of Queensland (REIQ) says something must be done to alleviate the pressure on the Queensland community.
REIQ CEO Antonia Mercorella said Brisbane insurance premiums rose by 18.5 per cent for the year to December 2023, compared to rises of 13 per cent in Sydney and 15 per cent in Melbourne.
“It’s alarming to see the rate at which home insurance premiums are climbing in our state,” Ms Mercorella.
“This is just the tip of the iceberg – the CPI data does not include those in regional Queensland, who according to data from the ACCC, pay higher premiums again.
“It also does not capture residents and businesses who chose not to renew their insurance policies because of soaring premiums.
“Our concern is that alongside mounting cost of living pressures, the ability to insure your home is slipping out of reach for many.
“With the election looming, and the impacts of flooding and cyclones being felt by our communities, the REIQ is again calling on the State Government and Opposition to commit to mitigation strategies – through both physical infrastructure and a reinsurance scheme.”
