Compare Life Insurance :: News
SHARE

Share this news item!

MPs to Investigate Tasmania's Flood Impact

MPs to Investigate Tasmania's Flood Impact

Federal Members of Parliament (MPs) are set to investigate Northern Tasmania as part of their ongoing review of the insurance sector’s handling of the unprecedented 2022 floods.

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:

Insurance News

APRA Implements Cap on High DTI Home Loans to Address Housing Market Concerns APRA Implements Cap on High DTI Home Loans to Address Housing Market Concerns
13 Dec 2025: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has announced a significant policy change aimed at mitigating risks in the housing market. Effective February 2026, APRA will impose a cap on high debt-to-income (DTI) home loans, limiting such loans to 20% of new home lending. This measure applies to both owner-occupiers and investors, with the exception of new housing developments. - read more
CHU's 2025 State of the Strata Market Report: Key Insights for Property Owners CHU's 2025 State of the Strata Market Report: Key Insights for Property Owners
13 Dec 2025: Paige Estritori

CHU, Australia's leading strata insurance underwriting agency, has released its 2025 State of the Strata Market report, providing a comprehensive analysis of current industry trends and challenges. The report indicates that strata insurance premiums have experienced a modest increase of 2.8% over the past year, rising from an average of $954 to $981 per lot annually. This growth rate is notably lower than the 3. - read more
NSW Fair Trading Proposes New Powers to Ensure Strata Property Maintenance NSW Fair Trading Proposes New Powers to Ensure Strata Property Maintenance
13 Dec 2025: Paige Estritori

The New South Wales (NSW) government has introduced a new tranche of strata reforms to parliament, aiming to enhance the maintenance and safety of apartment buildings across the state. A key component of these reforms is the proposal to grant NSW Fair Trading the authority to enter any apartment building without a warrant if there are reasonable grounds to believe that the owners corporation is failing to maintain common property adequately. - read more
ACCC Halts IAG's Acquisition of RAC Insurance Over Competition Concerns ACCC Halts IAG's Acquisition of RAC Insurance Over Competition Concerns
11 Dec 2025: Paige Estritori

The Australian Competition and Consumer Commission (ACCC) has recently blocked Insurance Australia Group's (IAG) proposed acquisition of RAC Insurance Pty Limited. This decision underscores the regulator's commitment to maintaining competitive dynamics within Western Australia's insurance market. - read more


Life Insurance Articles

The Myth of Unaffordability: How to Find Value in Income Insurance Policies The Myth of Unaffordability: How to Find Value in Income Insurance Policies
Income protection insurance is often surrounded by the myth of being unaffordable, deterring many Australians from safeguarding their most valuable asset—their ability to earn. This introduction aims to address this misconception head on, revealing the real value that income insurance policies can provide. It is crucial to understand that the cost of such a policy pales in comparison to the potential financial hardship faced without one. - read more
Income Protection Insurance: A Lifeline for Self-Employed Aussies Income Protection Insurance: A Lifeline for Self-Employed Aussies
Income protection insurance is a vital financial safety net designed to support individuals who find themselves unable to work due to illness or injury. It provides a replacement income stream, cushioning the financial blow when life throws unexpected challenges your way. For self-employed Australians, who don't enjoy the same benefits as salaried employees—like sick leave or employer-funded superannuation—income protection becomes even more essential. - read more
How to Compare Life Insurance Policies in Australia Without Overpaying How to Compare Life Insurance Policies in Australia Without Overpaying
Life insurance stands as a pillar of financial stability in the lives of many Australians, providing peace of mind and security for families and individuals facing the uncertainty of the future. The importance of life insurance cannot be overstated; it offers a safety net that serves to protect your loved ones in the event of a tragedy, ensuring their financial well-being during difficult times. - read more
Affordable Life Insurance: Finding the Right Fit for Your Family's Finances Affordable Life Insurance: Finding the Right Fit for Your Family's Finances
Life insurance is a crucial component in safeguarding your family's financial security. It offers peace of mind, knowing that your loved ones will be protected in the event of unexpected circumstances. Many Australians understand the value of having life insurance, but the task of finding a policy that fits within a family's budget can sometimes feel overwhelming. - read more


Start Here !
life insurance
Apply now for your free Insurance assessment and price comparisons!

Start Here

Life Cover Amount:
Postcode:


All quotes are provided free and without obligation. We respect your privacy.
Knowledgebase
Policyholder:
The individual or entity who owns the insurance policy.