Insurance premiums tripling in the METS sector

A growing number of small to medium-sized businesses that service the resources sector are having significant problems securing insurance because of recent climate change-related policy changes by insurers, ARMA Insurance Brokers CQ managing director Tony Noyes said.

“Central Queensland businesses support the state’s $82.6 billion resources sector, particularly our local Mining, Engineering and Technology Services (METS) sector, with many now being disadvantaged,” Tony said.

Mr Noyes said the majority of the METS sector supports a well-regulated and environmentally sustainable resources sector but in some cases, insurance premiums are tripling simply because a business is supplying goods or services to the resources sector.

“As our region is strong within the METS sector it is of great concern for everyone in Central Queensland however, here at ARMA Insurance Brokers CQ we are able to provide market leading advice with access to all major insurance companies, including specialist agencies and we’re able to negotiate prices and extra cover in many areas.

“Central Queensland is abundant in resources and has the potential to become a global renewable and low-emissions’ energy power-house, but resources companies need a viable METS sector to provide technical expertise and innovation to support their operation and to achieve that, the METS sector need to know they can be insured at a reasonable cost.

“At ARMA Insurance Brokers CQ we offer our customers a service they can value and it’s our job to source the right insurance which provides the best cover for every business and as our client, you are assured of our ability to handle all your insurance needs in an ever-changing market including within the resource sector.”

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