Australian government to investigate high homeowners insurance rates

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Government will be examining the rate at which insurance premiums are growing in Queensland The Australian Federal Government will be investigating the claimed need for higher property insurance rates in Central and Northern Queensland. Those living in these areas have seen their insurance rates grow at an exponential pace, placing them under heavier financial burden than they have experienced in the past. Some federal officials believe that the rate hikes that property owners have experienced are “ridiculous,” and they want to ensure that consumers are being treated fairly. Disasters continue…

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Queensland hailstorm puts pressure on the homeowners insurance sector

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Insurance Council of Australia reports more than 68,000 claims filed due to disaster The Insurance Council of Australia has released information concerning one of the most devastating hailstorms that Queensland has ever seen. The organization noted that the damage caused by the hailstorm was so severe that Queensland’s two largest insurance companies may have to call upon their own reinsurance protection to manage costs. According to the Insurance Council of Australia, more than 68,000 claims have been filed as a result of the hailstorm, and this number is still rising.…

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Homeowners insurance in Australia may see considerable increases

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Some areas are being seen as higher risks for flooding, fires, and drought, among other perils. Australia is now experiencing some of the most fierce and extreme weather and natural events that have ever been recorded, causing many homeowners insurance customers to ask themselves whether they should expect to pay higher premiums in order to compensate from the increasing risks. The current summer in the country has been one of the most damaging single seasons on record. Many of the areas in the country faced scorching temperatures throughout the summer…

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