A group of regional councils are continuing to explore a mutual insurance option after a roundtable last week highlighted frustrations at a lack of affordable cover.

South West Queensland Regional Organisation of Councils chair Samantha O’Toole says actuarial assessment is required to determine whether a mutual option is achievable, and the councils are exploring potential funding for the work.

“After every meeting we go to with the insurance companies, we are more resolved that we need to find another solution and we are seriously considering how we move forward by ourselves,” she told insuranceNEWS.com.au.

The regional councils are continuing to discuss affordability issues with the industry, the Queensland government and federal and state agencies. Their second roundtable was held in St George last Thursday.

Cr O’Toole – the Mayor of Balonne Shire – says the industry still wants more data and mitigation, but flooding in March again showed the success of work already completed to prevent property inundation.

“Some residents in Balonne have seen their insurance premium quotes double year-on-year, with some receiving quotes in excess of $20,000 for a standard home due to flood risk, and that nonsense needs to stop,” she said.

“Our flood levees have been in place for over a decade, and insurance companies are completely ignoring their existence in quoting and charging these ridiculously high premiums.”

Cr O’Toole says the meeting last week identified seven council flood studies that the industry was unaware of or did not hold in their databases.

“We have provided copies. That allows them to do more up to date and more accurate pricing and assessment of our risk, and hopefully that will have some flow through.”

Sharing more flood data between local governments and insurance providers was a key commitment from the first insurance roundtable held in Charleville in September last year.

In response, the Queensland Reconstruction Authority established a working group with roundtable participants to develop a process for updated flood studies and mapping to be transferred into the National Flood Information Database.

Another roundtable is expected to be held later this year, with the Bundaberg region an area of focus.

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