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:
| 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 |
| Suncorp Reaches Maximum Reinsurance Retention Following Severe Storms in Queensland and NSW 11 Dec 2025: Paige Estritori Recent supercell thunderstorms in South East Queensland and northern New South Wales have led to a surge in insurance claims, prompting Suncorp to reach its maximum reinsurance retention of $350 million. The insurer has reported over 10,000 claims related to these events, with approximately half pertaining to home damages and the other half to motor vehicles. - read more |
| NTARC Report Identifies Inattention and Speed as Primary Factors in Major Truck Crashes 11 Dec 2025: Paige Estritori The National Truck Accident Research Centre (NTARC) has released its latest Major Incident Investigation Report, highlighting inattention, distraction, and inappropriate speed as the most frequent human factors behind major truck crashes in Australia. While there has been a modest reduction in these incidents compared to previous years, they continue to pose significant risks to road safety. - read more |
| Rising Mental Health Claims Reshape Australia's Insurance Landscape 10 Dec 2025: Paige Estritori The Australian insurance industry is witnessing a significant shift as mental health conditions have become the leading cause of total and permanent disability (TPD) claims. Recent data from the Council of Australian Life Insurers (CALI) indicates that mental health issues now account for nearly one-third of all TPD claims, marking a substantial change in the industry's claim patterns. - read more |
| Protecting Your Future: A Simple Approach to Life and Disability Insurance Welcome to the crucial conversation about safeguarding your future through life and disability insurance. Many of us ponder the distant horizon of life's 'what ifs,' but are we truly prepared? The reality is that our financial security can be drastically affected by unforeseen events—a serious illness or a sudden disability that prevents us from working. That's where life and disability insurance come into play, serving as critical safety nets that can keep us afloat during tough times. - read more
|
| The Impact of Hobbies and High-Risk Activities on Life Insurance Costs Life insurance is an essential financial protection that provides peace of mind to policyholders and their loved ones. The premiums you pay are determined by various factors, including age, health, lifestyle, and occupation. - read more
|
| Why Income Protection Insurance is Essential for Every Australian Adult Income protection insurance is designed to provide financial support to individuals who are unable to work due to illness or injury. This type of insurance ensures that you continue to receive a portion of your income, allowing you to maintain your standard of living even when unexpected circumstances arise. - read more
|
| Avoiding Overinsurance: How to Choose Adequate Coverage Without Wasting Money Income protection insurance is a key component of financial planning that safeguards your earning potential in the untimely event of illness or injury. In Australia, it reassures individuals that their most valuable asset, the ability to earn, is shielded against unforeseen circumstances. Adequate income protection can provide peace of mind, with the security of a regular income even when you're unable to work. - read more
|
A type of life insurance policy that provides coverage for a specified period, such as 10 or 20 years.