A string of natural disaster has created a new risk in North Queensland, with many going uninsured because their premiums are too high.

But the Federal Government says it is ready to assist consumers, by increasing competition in the North Queensland insurance market.

The Finance Department says it has completed its discussion paper process, set up to design initiatives to tackle the high cost of coverage while also minimising ‘regulatory burden’.

“We will establish a comparison website to help consumers to compare home building and home contents insurance products,” Minister for Finance Mathias Cormann said.

“The site will enable consumers to compare the performance of insurers on price, product features and claims handling complaints.

The Australian Securities and Investments Commission is expected to establish this site by March 2015.

The Government says it will boost competition by clarifying that licensed brokers can sell policies from foreign insurers, if they offer consumers a better price.

“We are also working closely with the Queensland Government to develop a program of engineering assessments for strata properties in North Queensland,” Senator Cormann said.

“This will improve information available on a building's susceptibility to weather damage and ways to make properties more resilient.”

The Australian Government Actuary is reportedly preparing a paper on home insurance pricing.

This report will bring to light the full extent to which North Queenslanders pay more for their insurance.

“With the storm season approaching, we strongly encourage North Queenslanders to check that their level of insurance cover is adequate,” Cormann said.