MEDIA RELEASE – Insurance Crisis
FOR IMMEDIATE RELEASE – October 28, 2002
CONTACT: Natasha Maehara 07 32103457 or 0414 738 502
www.insurancereform.com.au
mailbox@insurancereform.com.au
Community Group Insurance
A community organisation today called on the Queensland Government to demand Suncorp Metway fulfil its community responsibilities by providing insurance to community and not-for-profit groups in the state.
Suncorp Metway announced last week that it would not offer the package of low cost insurance for community groups designed by the Treasurer Terry Mackenroth.
Natasha Maehara of the Insurance Reform Campaign said it was not good enough for the state’s leading financial institution to wash its hands of its community service obligations.
“The Government should withdraw Suncorp’s insurance licence for profitable areas like third party motor accident business if the finance and insurance giant does not have a rapid change of heart.”
“If Suncorp has enough money to pay its retiring chief executive $30 million then how can it shy away from the government’s sensible solution for extending pooled insurance to low risk community groups.”
“Insurance for the community group sector has been their most profitable area of business over the last decade. Yet it is this group that insurers turned the heat on earlier this year by refusing to insure them or offering insurance at three or four times the previous rate.”
“This was part of a deliberate tactic designed to create hysteria
among the public and panic legislators into making laws to guarantee insurer
profits at the expense of consumers.”
“Insurers continue to pressure for more laws to make themselves virtually
claim-proof but still want to be able to collect huge premiums.”
“Suncorp’s last minute resistance to the Treasurer’s plan is another play in the overall strategy to pressure politicians into caving in to their demands for another round of anti consumer laws.”
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