Its taken me a little time to recover from reading the report in full but I've recovered and I'm fighting fit - or fighting at least. All statements taken from the report are in " "s. "The Reference Panel was, however, an advisory group, and responsibility for the final report and its recommendations rests solely with the Taskforce." M - Thanks for that. Comments: • I’m very disappointed as it looks as though the consumers have been ignored again, and the ICA has won. I expected more from the report • I tried very hard to explain the situation and what needs to be done to help all property owners and not just older properties. I thought they understood but it seems they haven’t. It has at least been acknowledged "The change in the way insurance companies have priced their premiums has had a significant impact on a number of people in northern Australia." That’s the biggest understatement of the year with 30,000 households per year dropping out of the market (IAG) • It does say “A 5-15% reduction in premiums not worth the cost to Government. Any reduction only affects the cyclone component.” But the cyclone component isn’t always identified, so you have no idea of what the saving may be. And I’m a bit confused as If the calculated cyclone component is that low then why are our premiums so high? Its implying the largest part of the premium isn’t the cyclone component, so what is it? • Most worryingly there’s no mention of any kind of watchdog although a number of submissions ask for one, mine included, and the Qld Chamber of Commerce and Industry states "The ICA also recommended that further work needs to be done on behalf of the Federal Government to ensure that there is appropriate regulation of the insurance industry”. We have watchdogs for health insurance, electricity and fuel but not for general insurance. We need to make sure that never again can insurance companies put up their premiums by over 100% anywhere in Australia, especially when insurance is compulsory for some mortgages and all strata. • The recommended way forward appears to have come down firmly in favour of mitigation projects where "Insurance companies estimate reduction in premiums for some properties by up to 20 per cent" – big deal. However, currently only the RACQ and Suncorp take notice of any mitigation – and that’s new in the last few weeks. I am concerned it is spending Government money to save insurance companies’ claims – let the ICA pay towards mitigation • "Insurers could offer lower premiums if items like shade sails, garden sheds and outdoor structures were excluded from policies, or if there was an option for the policyholder to accept a higher excess for cyclone damage (and retain a lower excess for other damages, such as from fire and theft)" which most home insurance doesn’t allow you to do at the moment, although most strata does. "If consumers took more responsibility for the risk of cyclone damage to their properties through higher excesses, insurers indicate that the reduction in premiums could be up to 30 per cent." I find it hard to come to terms with this because if this is correct it means people haven’t prepared for cyclones and I was of the impression that they do, we certainly do. Bring on policies which don’t cover this type of thing. • The best thing about mitigation is that to identify any projects proper risk assessment has to be done where currently risk is assumed and not assessed. • Some of the calculations and figures have to be queried. Costs appear to be based on future projections and not past actuals. And for strata increases it states "annual increases around 15-65%" and the apartments I live in went from $25,000 to $81,000 overnight. My Maths may be old but that’s more than 65% And on Page 19 - wait for it - "If the level of insurance premiums now better reflects the higher insurance risks in northern Australia because of cyclones, the question that has been posed by the insurance companies, in submissions and consultations with the Taskforce, is" AND I QUOTE ‘what is the problem?’ PEOPLE CAN’T AFFORD IT!!!!! This is downright callous, insensitive and rude! I had an idea I put to the Taskforce in August 2015 which I am continuing with. I’ve had several meetings in Townsville last week with more to come. I’m not giving up. I know we have the continuing support of Warren Entsch MP, George Christensen MP and Senator Matt Canavan (new Minister for Northern Australia) who has corresponded directly with me in the last couple of days, amongst others. We will not give in. Insurance is a necessity, not a luxury, and it has to be affordable. The full report can be found on the Federal Treasury website.