Sure Insurance has delivered a working solution to persistent high-levels of non Home Insurance across northern Queensland through its specialised regional underwriting and strategic premium pricing.
The Australian Competition & Consumer Commission (ACCC) in its Northern
Australia Insurance Inquiry interim report (2019) estimated the rate of non-insurance (home, contents & strata insurance) throughout northern Queensland at 17 per cent, or more than 62,000 properties.
Bradley Heath, Managing Director of Sure Insurance said continued high-levels of
non-insurance across regional and northern Queensland was directly attributable to affordability issues, which had effectively prevented many householders from
accessing home insurance cover.
“Sure’s regional specialist approach to Home Insurance underwriting has delivered more affordable Household Insurance premiums, resulting in increased numbers of householders who previously held no home cover take-up insurance.”
“Some 10.7 per cent of all current Sure Household Policyholders (Jan 22 – March 23), previously held no insurance whatsoever, and close to an average of 12 per cent of all new policyholders insuring homes each month with us held no previous cover,” said Mr Heath.
Previous no Household Insurance – monthly percentage of Sure Insurance new policies:
(2023)
|
January |
13.1% |
|
February |
14.2% |
|
March |
12.9% |
(2022)
|
January |
9.3% |
July |
13.3% |
|
February |
9.8% |
August |
12.4% |
|
March |
12.1% |
September |
13.3% |
|
April |
12.8% |
October |
10.3% |
|
May |
11.8% |
November |
12.4% |
|
June |
12.1% |
December |
12.1% |
“We entered the market in mid-2019 with a commitment to directly address affordability and to enhance access to essential Household Insurance cover.”
“We don’t see Household Insurance as a luxury but rather a necessity for the people of regional Queensland.”
“Independent research* showed that Sure has delivered on average annual Household Insurance premium savings of $1,480 or 30 percent per customer across regional, north and far north Queensland,” said Mr Heath.
Sure Insurance, through its product issuers – Liberty Mutual Insurance and Pacific International Insurance – entered the Federal Government’s $10 billion Reinsurance Pool from 1 January 2023, and will continue to work with government and the Australian Reinsurance Pool Corporation (ARPC) to assess further potential savings for its Policyholders.
*Average savings based on external analysis of 6,479 online new business home & contents insurance quotes collected in April 2022 for regional Queensland. Sample taken from Bundaberg, Wide Bay, Rockhampton, Marlborough, Mackay, Proserpine, Townsville, Ingham, Cairns, Cape York and Inland Regions.
Further information contact Mike Sopinski, Sure Insurance, Communications & Engagement Lead on 0421 052 598.