Assistant treasurer Josh Frydenberg says improving the accessibility and affordability of insurance in northern Australia is a top priority of the federal government.
In an exclusive interview with Risk Adviser, Mr Frydenberg said that within the government’s plans to address underinsurance is a specific focus on the northern regions.
“I have been thinking about northern Australia and the need for insurance there,” he said.
“There are clearly some issues around cost of insurance in the north and how we could try to reduce those premiums.”
The minister suggested trialling new forms of aggregation in the region as a means of testing and potentially lowering insurance premiums.
He said the government is eagerly awaiting the findings of the Life Insurance and Advice Working Group and that he has been in contact with chairman John Trowbridge in recent weeks.