I don't know the truth of the matter but this was included in a report from a major broker operating in Queensland: "The insurance market, from a North Queensland perspective, is now in a hard to place cycle. This means that insurers are looking at their property portfolios to identify their overall potential exposure to catastrophe type events and reducing their or holding their current position. An example of this being AIG’s recent decision to withdraw from the North Queensland property insurance market. This means less competition in the region, and requires the other insurers still willing to write property risks in North Queensland to pick up the property portfolio that was written by AIG, if it is able. AIG’s decision to withdraw from natural catastrophe prone areas, was not one made lightly, nor from a local viewpoint. The decision was made by AIG’s parent company and reinsurer based in the United States of America, on the back of the losses incurred from Hurricane Harvey, Hurricane Irma, and Hurricane Maria which incurred losses in the region of US$147 Billion." Hummm. Looks like we’ve lost another one.