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

Strata Communities Endorse Call for Enhanced Resilience Reforms Strata Communities Endorse Call for Enhanced Resilience Reforms
15 Feb 2026: Paige Estritori

Strata communities are at the forefront of Australia's resilience battle, facing escalating costs, declining coverage, and prolonged recovery periods following disasters. Strata Community Association Australasia (SCA) has expressed strong support for the Insurance Council of Australia's (ICA) recent call for coordinated, long-term resilience reforms to protect communities from these challenges. - read more
Artificial Intelligence Revolutionises Australian Insurance Sector Artificial Intelligence Revolutionises Australian Insurance Sector
15 Feb 2026: Paige Estritori

The Australian insurance industry is undergoing a significant transformation, with companies increasingly integrating artificial intelligence (AI) into their operations. This shift aims to enhance efficiency, improve customer service, and strengthen risk management practices in a rapidly evolving market. - read more
Australian Insurers Confront Financial Risks Amid Climate Change Australian Insurers Confront Financial Risks Amid Climate Change
15 Feb 2026: Paige Estritori

Climate change is increasingly impacting the Australian insurance industry, presenting significant financial risks as the frequency and severity of natural disasters escalate. Insurers are grappling with the challenge of adapting to this new reality while maintaining financial stability and providing affordable coverage to consumers. - read more
Budget Direct Triumphs as 2026 Insurer of the Year Budget Direct Triumphs as 2026 Insurer of the Year
15 Feb 2026: Paige Estritori

Budget Direct has been honoured with the inaugural 'Insurer of the Year' title at the 2026 Finder Provider of the Year Awards, marking a significant achievement in the Australian insurance sector. This accolade underscores the company's commitment to delivering exceptional value and service to its customers. - read more


Life Insurance Articles

Income Protection Insurance: A Must-Have for Australian Adults Income Protection Insurance: A Must-Have for Australian Adults
Insurance is a crucial component of financial planning. While many Australians understand the importance of life insurance, there's another vital type of coverage that often gets overlooked: income protection insurance. - read more
Estate Planning and Insurance: Safeguarding Your Legacy in Australia Estate Planning and Insurance: Safeguarding Your Legacy in Australia
Estate planning is a critical process often overlooked, yet it serves as the cornerstone of ensuring that your legacy is protected and seamlessly passed on to your loved ones. It's about securing your financial future and guaranteeing that the assets you've toiled to amass are distributed according to your wishes. In the intricate world of asset protection and family security, being well-informed can make all the difference. - read more
Maximize Your Safety Net: Top Tips for Optimizing Income Protection Benefits Maximize Your Safety Net: Top Tips for Optimizing Income Protection Benefits
Welcome to a pivotal guide dedicated to empowering you with the essentials of income protection insurance in Australia. As we navigate through times of uncertainty, safeguarding your financial wellbeing becomes not just a priority, but a necessity. Income protection insurance stands as one of the key pillars of financial security, ensuring a steady flow of income during periods when you're unable to work due to illness or injury. - read more
Who Needs Disability Insurance? Who Needs Disability Insurance?
If you are like most people on this planet, you are not financially free. You would not be able to stop working and still support yourself and your family from your financial resources. Your continued ability to work to earn an income would therefore be one of your greatest assets. - 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
Public Liability Insurance:
A very broad term for insurance covering liability exposures for individuals and business owners. It provides broad coverage, generally including all exposures for property damage and bodily injury.