Farm Insurance NZ
Premier Rockliff attributes the proposed insurer to a pressing demand from Tasmanians fed up with exorbitant premiums, which are often influenced by mainland claims and corporate profits. The plan purports to offer cheaper and more accessible insurance options across various sectors, promising savings of $250 annually for households and a 20% reduction for small businesses. Initial insurance offerings would include home, contents, small business, community events, and farm coverages. The Motor Accidents Insurance Board (MAIB) will be expanded to facilitate this venture.
The Premier argues that TasInsure is necessary because, "the national market has failed Tasmanians," leading to unaffordable insurance in many parts of the state. With insurance premiums in Tasmania increasing over 35% in two years compared to a modest 5% hike in MAIB premiums, Rockliff insists on a "cheaper, fairer" solution to combat the financial burden on residents.
Nonetheless, the proposal is not without controversy. Independent candidate John Macgowan, among other critics, views TasInsure as an "unsustainable" plan that could drain taxpayer resources. Historical context suggests state insurance programs have led to significant unfunded liabilities.
The Insurance Council of Australia cautions that the initiative might place undue risks on Tasmanian taxpayers without addressing root causes of rising prices. They highlight catastrophic events, such as the 1967 Black Tuesday bushfires, as potential financial disasters for public insurance. Instead, they recommend abolishing stamp duty and fire service levies to improve affordability.
There are calls for collaborative efforts between the government and the industry to tackle the broader insurance challenges, focusing particularly on climate change impacts. Mathew Jones, GM public affairs, remarks on the risks associated with shifting liabilities to public balance sheets, especially with anticipated future climate events.
As Premier Rockliff promotes this initiative as the "most significant announcement" of the Liberal campaign, he emphasises the local frustration caused by mainland natural disasters impacting Tasmanian premiums. Despite 11 years of Liberal governance, issues like these remain critical in shaping the state's insurance strategy.
Published:Monday, 21st Jul 2025
Source: Paige Estritori
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