Life Insurance Australia :: News
SHARE

Share this news item!

Flood victims receive $6 million in compensation from insurance companies following complaints

Flood victims receive $6 million in compensation from insurance companies following complaints

Flood victims receive $6 million in compensation from insurance companies following complaints?w=400

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 recent flood disasters in Victoria and New South Wales have resulted in nearly $6 million in compensation to policyholders affected by the floods, according to the Australian Financial Complaints Authority (AFCA).
Data from the AFCA revealed that 1,064 flood-related complaints were recorded as of December 31, with the majority of complaints related to home building insurance (74%) and home contents insurance (9%).

The AFCA's lead ombudsman for insurance, Emma Curtis, acknowledged that the scale of natural disasters in Australia, combined with shortages of labor and materials, have caused delays in insurers assessing claims and completing repair work. She emphasized the importance of insurers promptly assessing claims, informing customers about expected time frames, and clearly communicating about claims options.

Victorian Nationals leader Peter Walsh also commented on the issue, noting that there has been a substantial increase in insurance policy premiums for postcodes threatened by floods since the 2022-23 Victorian and New South Wales flood crisis. He highlighted the need for healthy competition among insurance companies to keep prices reasonable in flood-prone areas.

In response, a spokesperson for the Victorian government stated that they are working with the Commonwealth government and the Insurance Council of Australia to explore ways to make insurance more affordable and accessible to residents of Victoria.

Published:Friday, 27th Jan 2023
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Introducing Backd: Affordable Insurance for Casual and Contract Workers
Introducing Backd: Affordable Insurance for Casual and Contract Workers
15 Mar 2026: Paige Estritori
In a significant move to address the insurance needs of Australia's growing casual and contract workforce, TAL has partnered with global insurtech company Cover Genius to launch Backd. This innovative digital-only insurance product aims to provide accessible and affordable life and income protection coverage to workers who have traditionally faced challenges in obtaining such protection. - read more
Zurich's Home Loan Protection: Tailored Insurance for Mortgage Holders
Zurich's Home Loan Protection: Tailored Insurance for Mortgage Holders
15 Mar 2026: Paige Estritori
Zurich has unveiled its Home Loan Protection (HLP) product, a new insurance offering that combines life and income protection benefits tailored specifically for mortgage holders. This innovative cover automatically adjusts its premiums as the insured's mortgage balance decreases, ensuring that policyholders are only paying for the coverage they need. - read more
Australian General Insurance Premiums Set to Surpass $144 Billion by 2029
Australian General Insurance Premiums Set to Surpass $144 Billion by 2029
15 Mar 2026: Paige Estritori
The Australian general insurance industry is on a trajectory for substantial growth, with direct written premiums (DWP) projected to exceed $144 billion by 2029. This forecast, provided by data and analytics firm GlobalData, reflects a compound annual growth rate (CAGR) driven by increasing demand for coverage in response to the rising frequency of natural disasters. - read more
Australia's A&H Insurance Sector Set for Steady Growth
Australia's A&H Insurance Sector Set for Steady Growth
15 Mar 2026: Paige Estritori
Australia's accident and health (A&H) insurance sector is on track for significant growth, with projections indicating an annual increase exceeding 4% through to 2030. This positive outlook is largely attributed to advancements in digital distribution channels and escalating health-related expenses. - read more
ASIC Probes Transparency in Motor Insurance Pricing Practices
ASIC Probes Transparency in Motor Insurance Pricing Practices
15 Mar 2026: Paige Estritori
The Australian Securities and Investments Commission (ASIC) has initiated a comprehensive review into the accuracy and transparency of motor insurance pricing practices. This move aims to ensure that insurers are adhering to legal disclosure requirements and providing clear information to consumers. - read more


Life Insurance Articles

Life Insurance and Estate Planning: What You Need to Know
Life Insurance and Estate Planning: What You Need to Know
Life insurance and estate planning are critical components of financial security. They ensure that your loved ones are protected financially when you are no longer around. By understanding these tools, you can take significant steps to secure your family's future. - read more
Life After You: Planning Ahead With Quality Life Insurance for Your Family
Life After You: Planning Ahead With Quality Life Insurance for Your Family
Life insurance is a fundamental component of a robust financial plan, yet its significance is often underestimated. It serves as a safety net, ensuring that your loved ones are financially secure in the event of your absence. Understanding life insurance is the first step towards safeguarding your family’s future. - read more
A Millennial's Guide to Life Insurance
A Millennial's Guide to Life Insurance
For many millennials, navigating the complexities of personal finance and future planning can feel like a bewildering journey. Among these financial responsibilities, life insurance emerges as a paramount consideration. More than just a safety net, life insurance can be the cornerstone of a sound financial strategy, providing peace of mind for both the policyholder and their loved ones. - read more
How to Review and Update Your Life Insurance Policy as Your Family Grows
How to Review and Update Your Life Insurance Policy as Your Family Grows
Life insurance is an essential safety net for families, providing financial security when it's needed the most. As your family grows, the importance of having a well-structured life insurance policy becomes even more critical. In the busy lives we lead today, it’s easy to overlook this crucial aspect of financial planning. However, ensuring your coverage meets your family's evolving needs is vital. - read more
Common Mistakes to Avoid When Comparing Life Insurance Policies
Common Mistakes to Avoid When Comparing Life Insurance Policies
Choosing the right life insurance policy is one of the most important decisions for Australians, especially for those who are middle-aged or older. Life insurance provides financial security for your loved ones in the event of your passing, ensuring that they are not burdened with financial hardships. - 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 by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Aggregate Limit:
The maximum amount an insurer will pay for all covered losses during a policy period.