Competition Drives Down Region’s Insurance Premiums

Apr 6

Queensland’s Sure Insurance has proved greater insurance market competition is the key to driving down regional insurance premiums and to encourage the take-up of essential household and residential strata insurance across vulnerable regional Queensland communities.

Managing Director of Sure Insurance, Bradley Heath said after almost two-years of operation our specialist pricing expertise has delivered average annual household insurance premium savings of over $1,400 per customer across central, north and Far North Queensland.

“The extremely positive point is that ten per cent (10%) of our customers who are now insured with Sure Insurance previously did not have any home or contents insurance cover whatsoever due to high costs.”

“While some are calling for the government and taxpayers to foot the bill, Sure Insurance’s entry into the regional Queensland market is a clear example of increased market competition effectively tackling the affordability ‘crisis’ – while at the same time delivering a solution to the region’s no-insurance issue”.

“We are convinced additional insurance market entrants will further reduce the cost of premiums and assist regional householders to access household insurance cover,” Mr Heath said.

“We are enormously proud of the fact that we are now providing cover for many who previously had no insurance due to unaffordable premiums. As we know, regional Queenslanders are a highly informed and resourceful market when it comes to insurance.

“Sure Insurance is able to deliver these premium savings through our unique technical insights into the pricing of household insurance across the region, allowing us to effectively provide our best possible price on home and contents insurance.” “We know Queenslanders are doing it tough at the moment and we don’t charge a loading for pay by the month, unlike some who charge twenty per cent (20%) extra,” he said.

“It’s through our personalised individual customer service and looking closely at each individual’s property that we fully consider any cyclone, bushfire and flood resilience measures added to homes.

“That’s how we are delivering real savings on home insurance to regional Queenslanders.”

“Sure understands community risk mitigation is a critical factor in reducing future damage while incentivising householders to make homes more resilient and to be prepared for events will assist in further reducing premiums.” Mr Heath said.

Further information contact Mike Sopinski on 0421 052 598.