MPs to Investigate Tasmania's Flood Impact
MPs to Investigate Tasmania's Flood Impact
The House Standing Committee on Economics will convene at the Paranaple Convention Centre in Devonport on July 17. Chairman Daniel Mulino expressed a keen interest in gaining comprehensive insights from local councils, businesses, and residents regarding their flood-related experiences.
In October 2022, flooding affected Northern Tasmania, alongside significant parts of Victoria and New South Wales (NSW). The Insurance Council of Australia reported that these floods led to $884 million in insured losses and nearly 23,000 claims being lodged, with an impressive closure rate of 95% for these claims.
The committee has reached out to councils, business groups, and community organizations, inviting them to participate in the hearing. Individuals are also encouraged to voice their experiences through submissions at the event or by completing the committee’s survey.
In recent months, the inquiry has reviewed flood-impacted areas across Victoria, NSW, and Queensland. Future hearings are planned for Cairns and Townsville on July 24 and 25, respectively.
The committee aims to publish its final report by September 30.
As mentioned in Insurance News Magazine, Assistant Treasurer Stephen Jones emphasized his decision to avoid "populist politics" when addressing affordability barriers in the insurance industry amidst these discussions.
Published:Friday, 5th Jul 2024
Source: Paige Estritori
Share this news item:
| Navigating Rising Premiums and Cybersecurity Challenges in Australia's Insurance Sector 07 Apr 2026: Paige Estritori As 2026 unfolds, Australian insurers are grappling with significant challenges that threaten both their operational stability and the affordability of coverage for policyholders. Key among these are the escalating costs of premiums and the persistent threat of cyber incidents. - read more |
| Bridging the Gap: Enhancing AI and Cyber Risk Preparedness in Australia's Insurance Industry 07 Apr 2026: Paige Estritori Recent studies have revealed that Australian insurers are trailing their global counterparts in preparedness for artificial intelligence (AI) and cyber risks. This lag poses significant challenges to the industry's resilience and competitiveness. - read more |
| The Financial Toll of Climate Change on Australian Properties and Insurance 07 Apr 2026: Paige Estritori Climate change is exerting a profound impact on Australia's property market and insurance industry. Recent data indicates that increased flood risks have led to a substantial devaluation of properties in vulnerable areas, with some regions experiencing value declines of up to 10%. - read more |
| APRA's Intervention: Freezing Unjustified Premium Hikes in Commercial Auto Insurance 06 Apr 2026: Paige Estritori The Australian Prudential Regulation Authority (APRA) has recently taken decisive action to address escalating concerns within the commercial auto insurance sector. In response to widespread industry protests over substantial premium increases, APRA has implemented emergency regulations aimed at protecting independent transport operators and logistics enterprises from potential financial distress. - read more |
| Income Protection Needs Assessment: Are You Prepared for the Unexpected? When life throws unexpected challenges your way, being financially secure becomes a priority. Income protection is a safety net designed to help you manage your finances when you're unable to work due to illness or injury. It provides peace of mind, ensuring that you can maintain your lifestyle and meet your financial obligations, even when your regular income stream is disrupted. - read more
|
| Understanding Life Insurance: How to Determine Coverage Amounts Life insurance is a cornerstone of financial planning, offering peace of mind to you and security for your loved ones. It's a contract between you and an insurance company: in exchange for regular premiums, the insurer agrees to pay a sum of money to designated beneficiaries upon your passing. This vital tool ensures that your family's financial needs can be met during an incredibly difficult time. - read more
|
| How to Secure Your Financial Future: Dealing with Income Loss Experiencing an income loss due to illness or injury can be a daunting prospect for many Australians. The sudden drop in income can significantly impact your financial stability, affecting everything from daily expenses to long-term savings goals. - read more
|
| Understanding Income Protection Insurance for Real Estate Professionals Income protection insurance is designed to provide financial support if you're unable to work due to illness or injury. It ensures a portion of your income continues to be paid during times when you cannot earn. This type of insurance acts as a safety net, offering peace of mind by securing your financial stability during challenging times. - read more
|
A risk associated with the nature of a particular occupation, which may affect insurance premiums.