Dutton vows to ‘deal with’ insurers if Coalition wins government

Insurers have been put “on notice” as Australians struggle to find affordable policies in an increasingly unpredictable climate.

Peter Dutton has vowed to “deal with” insurers if they do not drop premiums in higher risk areas.

The devastating floods in north Queensland have shone a spotlight on the plight of Australians in disaster prone areas securing affordable insurance.

Climate change has added to the unpredictability of extreme weather events.

Many, including businesses, simply give up hope and bear the cost themselves.

The Opposition Leader said on Monday he was putting the insurance industry “on notice”.

Opposition Leader Peter Dutton is vowing strong action on insurers if they do not bring down premiums. Picture: NewsWire / John Gass

“Their priority is to bring down the insurance premiums for households and small businesses,” Mr Dutton told reporters in Brisbane.

He said it was “completely unacceptable” that individuals and small businesses were struggling to get insurance, highlighting flood-hit Ingham, which had not seen a major flood for nearly 60 years.

It is unclear how much the damage inflicted by the North Queensland floods will cost. Picture: NewsWire / Adam Head

“I just put the insurance sector on notice right now that when we win the election, I expect them to bring down insurance premiums significantly by the time we form a government,” Mr Dutton said.

“And if they don’t, then I will deal with the industry afterwards because we can’t have people who can’t afford to insure against public liability.

“We can’t have businesses who can’t conduct their tourism operations because they can’t get insurance.

“And we can’t have people going without car insurance because their premiums have gone up by 20 or 30 or 40 per cent.

“It’s unacceptable.”

The Albanese government has given more than $100m in aid support for North Queensland. Picture: NewsWire / Adam Head

In an interview aired on Sunday, Mr Dutton floated copying the Coalition’s policy to break up the big supermarkets and applying it to insurers.

AIG, Suncorp, Allianz and QBE are the main insurance firms operating in Australia.

Most other brands are subsidiaries.

According to consumer adovacy group Choice, the big four account for around 75 per cent of the market.

The sector has pushed back, though, instead pointing to scrapping state insurance taxes as quick way to get premiums down.

Though, whether the Coalition would follow through is unclear.

Nationals leader David Littleproud earlier on Monday seemingly contradicted Mr Dutton, saying divestiture for the insurance sector was “not a policy”.

“It’s not a policy, what was announced,” Mr Littleproud told the ABC.

“What Peter Dutton has said (is) we are prepared to use whatever policy lever we need to ensure that Australia’s cost of living, and consumers, are being treated fairly … I think it would be unfair to say that that was a policy announced by Peter Dutton.”

Originally published as Dutton vows to ‘deal with’ insurers if Coalition wins government