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

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

Share this news item:

Insurance News

Clear

National Climate Risk Assessment Unveils Growing Insurance Challenges

17 Sep 2025: Paige Estritori

The Australian government has unveiled its inaugural National Climate Risk Assessment alongside a comprehensive National Adaptation Plan, highlighting the heightened impact of natural disasters on insurance accessibility across the nation. With an urgent call to action, the government acknowledges the impending climate threats and commits to intensifying efforts towards emission reduction. - read more

ASIC Extends Relief on Distribution Rules for Insurance Providers

16 Sep 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has announced an extension of the exemption allowing general insurance providers to forego appointing product distributors as authorised representatives. This decision comes with the introduction of a new legislative instrument, 2025/520, which renews the previous framework, originally established under instrument 2015/682. The relief will now continue until August 27, 2030. - read more

Cyber Insurance Becomes Essential Amid Rising Digital Threats

12 Sep 2025: Paige Estritori

The recent cyberattack on Fortnum Private Wealth, accompanied by ASIC's legal action, has spotlighted the critical risks cyber threats pose to financial advice companies in Australia. With digital integration intensifying across the finance sector, the owner of Fortnum, Entireti, plans to defend the case, underscoring the necessity for ongoing vigilance in cybersecurity measures. - read more

Swiss Re Foresees Rising Premiums Amid Increasing Global Risks

10 Sep 2025: Paige Estritori

In a comprehensive analysis, Swiss Re Institute predicts that global property and casualty insurance premiums will rise in tandem with GDP over the upcoming decade. This growth is driven by amplified natural catastrophe losses, asset accumulation, and heightened economic and litigation claims inflation. The institute's report outlines the evolving insurance landscape amid increasing global risks. - read more

Insurance Council of Australia Assists NSW Flood Claimants

09 Sep 2025: Paige Estritori

In response to the devastating floods that swept across New South Wales' Mid North Coast in May, the Insurance Council of Australia (ICA) is taking proactive steps to support the affected residents. Insurers, organised by the ICA, will be meeting with flood victims in Kempsey, Taree, and Port Macquarie to provide guidance and support as they navigate their insurance claims. - read more

Click for more Insurance News