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
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:

Rate this article

Sign in with Google to rate

0 Comments

No comments yet. Be the first to share your thoughts.

Insurance News

Why rural heavy vehicle safety matters for insurance
Why rural heavy vehicle safety matters for insurance
22 Jul 2026: Paige Estritori
The National Heavy Vehicle Regulator’s latest focus on agricultural heavy vehicle safety is a timely reminder for farm, livestock, grain and regional freight operators: safety standards are not just a compliance issue. They can also shape claims outcomes, business interruption, liability exposure and future access to affordable truck insurance. - read more
What Allianz’s Farm Cover Revamp Means for Farmers
What Allianz’s Farm Cover Revamp Means for Farmers
21 Jul 2026: Paige Estritori
Allianz Australia has refreshed its farm pack insurance, with the updated product announced on 20 July 2026. For farmers and rural property owners, the significance is less about one insurer changing a product and more about what it signals across the broader farm insurance market: insurers are trying to make cover easier to understand while adjusting policy features to better match modern farming operations. - read more
New APRA Data Highlights a Split Professional Indemnity Market
New APRA Data Highlights a Split Professional Indemnity Market
21 Jul 2026: Paige Estritori
Fresh analysis of APRA’s latest National Claims and Policies Database has added useful detail to the current professional indemnity insurance conversation. The database, released in early July 2026, covers professional indemnity, public liability and product liability policy and claims information, giving insurers, brokers and business owners a clearer view of how different parts of the liability market are moving. - read more
Broker Remuneration Debate Puts Disclosure on the Agenda
Broker Remuneration Debate Puts Disclosure on the Agenda
21 Jul 2026: Paige Estritori
The debate over Australia’s draft Insurance Brokers Code of Practice has intensified, with industry and consumer voices questioning whether the proposed changes go far enough on remuneration disclosure and conflict management. For real estate agencies, the issue is not abstract. Many agencies rely on intermediated advice when arranging professional indemnity, public liability, management liability, cyber cover, office insurance and commercial motor policies. - read more
Overseas Medical Emergency Puts Travel Insurance Back in Focus
Overseas Medical Emergency Puts Travel Insurance Back in Focus
21 Jul 2026: Paige Estritori
A recent Australian travel insurance case has offered a sharp reminder that the most expensive travel risk is often the one no traveller expects. According to Finder, an Australian woman who became seriously ill while 19 weeks pregnant in Mallorca faced medical costs of more than $40,000 after being taken to hospital by ambulance. The ambulance component alone reportedly reached $12,000, with the remaining costs linked to hospital admission, testing and treatment. - read more
Click for more Insurance News


Life Insurance Articles

The Savvy Consumer’s Guide to Purchasing Life Insurance in Australia
The Savvy Consumer’s Guide to Purchasing Life Insurance in Australia
As the landscape of finance and personal security evolves in Australia, the importance of being insured has never been more prominent. In a world of changing family dynamics, economic pressures, and higher living costs, life insurance stands as a bastion of support ensuring the well-being of loved ones in the event of unforeseen circumstances. - read more
The Digital Age of Insurance: Keeping Costs Down with Online Quotes
The Digital Age of Insurance: Keeping Costs Down with Online Quotes
The horizon of the insurance industry has undergone a transformative shift with the advent of digital technology. With a few clicks, consumers can navigate the once-complex world of insurance policies from the comfort of their home. The digital landscape for insurance services offers unprecedented access to information, comparisons, and instant communication, fostering a more empowered insurance client. - read more
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
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
Maximize Your Safety Net: Top Tips for Optimizing Income Protection Benefits
Maximize Your Safety Net: Top Tips for Optimizing Income Protection Benefits
Welcome to a pivotal guide dedicated to empowering you with the essentials of income protection insurance in Australia. As we navigate through times of uncertainty, safeguarding your financial wellbeing becomes not just a priority, but a necessity. Income protection insurance stands as one of the key pillars of financial security, ensuring a steady flow of income during periods when you're unable to work due to illness or injury. - read more


Start Here !
life insurance
Apply now for your free Insurance assessment and price comparisons!

Start Here:

Life Insurance Type:
Postcode:

All quotes are provided obligation-free by a participating broker from our national referral partner network. We respect your Privacy.


Knowledgebase
Subrogation:
An insurance carrier may reserve the "right of subrogation" in the event of a loss. This means that the company may choose to take action to recover the amount of a claim paid to a covered insured if the loss was caused by a third party.