MPs to Investigate Tasmania's Flood Impact

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

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
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Clear

South Australia Implements Heavy Vehicle Reforms to Address Fuel Crisis

16 May 2026: Paige Estritori

In response to escalating fuel prices, the South Australian government has expedited reforms to heavy vehicle regulations, now permitting longer and heavier trucks on the state's roads. This initiative aims to alleviate the financial strain on the trucking industry by enhancing fuel efficiency and reducing operational costs. - read more

Australian Truck Sales Experience Sharp Decline in April 2026

16 May 2026: Paige Estritori

The Australian truck market has encountered a significant downturn, with April 2026 recording a 16% year-on-year decrease in new truck and van deliveries. This marks the steepest monthly decline this year, reflecting the broader economic challenges facing the transport sector. - read more

ACCC Deepens Investigation into IAG's Proposed RAC Insurance Acquisition

16 May 2026: Paige Estritori

The Australian Competition and Consumer Commission (ACCC) has escalated its examination of Insurance Australia Group's (IAG) proposed acquisition of RAC Insurance, moving the process into a Phase 2 review. This decision underscores the regulator's concerns about the potential for reduced competition within Western Australia's insurance market. - read more

Australian Insurers Achieve $6.1 Billion Profit Amid Rising Premiums

16 May 2026: Paige Estritori

Australia's insurance industry has reported a significant after-tax profit of $6.1 billion for the year 2024, marking a substantial increase compared to previous years. This surge in profitability is attributed to a combination of premium hikes and a year characterized by fewer severe weather events. - read more

Click for more Insurance News