Small business, like families, are being screwed by insurance companies – Senate 21.3.24

We desperately need financial services reform in this country.

Insurance premiums increases are driving small businesses into bankruptcy.

The only way to fix this is to bring back a Government owned Insurance Office that can provide cheaper insurance.

Approximately 40-50% of Insurance costs are actually reinsurance costs paid to offshore Insurance companies.

If the Federal Government was to reinsure itself, Insurance Fees can be reduced helping small business stay afloat.

The closure of the old GIO’s has only helped big offshore insurance companies, not hardworking Australians.

#auspol #australia #insurance #financialservices #smallbusiness