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PM's $10b pledge: Insurance scheme for 'crippled' north Qld

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by Matthew Killoran
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North Queenslanders smashed with the double blow of cyclones and insurers refusing to cover them or charging sky-high premiums will finally get some relief under a long-awaited scheme to be revealed today.
Disasters, like Cyclone Yasi which destroyed this house at Mission Beach in 2011, have made insurance unaffordable or unobtainable in north Queensland. Picture: Supplied
Insurance skyrocketed in north Queensland after a series of devastating cyclones, with the average premium for a strata property in north Queensland hitting $6800 a year, compared to the national average of $3000.
The scheme will be a $10 billion reinsurance pool, or guarantee for insurers, and will apply to about 500,000 residential, strata and business policies from Rockhampton north and within 100km either side of the coastline.

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