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

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 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
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

HESTA Announces Significant Insurance Fee Reductions and Enhanced Member Protections

26 May 2026: Paige Estritori

HESTA, a prominent Australian superannuation fund, has unveiled a series of changes aimed at providing more accessible and affordable insurance coverage for its members. Effective from 1 July 2026, these adjustments include an average 12% reduction in insurance fees across all cover types, encompassing death, total and permanent disablement (TPD), and income protection cover. - read more

Acenda Life Introduces Significant Updates to Income Protection Policies

26 May 2026: Paige Estritori

Acenda Life has recently implemented a series of updates to its Retail Life Insurance portfolio, effective from 11 April 2026. These changes are designed to provide greater flexibility and accessibility for Australians seeking income protection insurance, addressing common concerns about policy limitations and entry age restrictions. - read more

AFCA Backs Insurer in Income Protection Offset Case

26 May 2026: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has recently ruled in favour of Nippon Life Insurance in a dispute concerning income protection (IP) offsets, confirming an overpayment of nearly $18,000 and supporting the insurer's decision to suspend benefits during the reconciliation of compulsory third party (CTP) income. - read more

Australian Tattooists Struggle with Soaring Insurance Premiums

26 May 2026: Paige Estritori

The Australian tattoo industry is currently grappling with prohibitively high insurance premiums, a situation largely attributed to a lack of competition within the insurance market. The Australian Tattooists Guild has highlighted that the dominance of a single broker and underwriter has resulted in a near-monopoly, leaving tattoo businesses with few alternatives for affordable coverage. - read more

Escalating Insurance Premiums Threaten Australian Small Businesses

26 May 2026: Paige Estritori

Australian small businesses, including beauty salons, are confronting a significant challenge: rapidly increasing insurance premiums that threaten their operational viability. A recent federal parliamentary inquiry has shed light on the severe impact these escalating costs are having on the small business sector. - read more

Click for more Insurance News