Ensuring Insurance Availability and Affordability in the Face of Natural Disasters

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.

As the frequency of natural disasters increases due to the impacts of climate change, insurance premiums are also on the rise, causing a burden on consumers and a decrease in insurance coverage. This is particularly concerning for vulnerable households, who may suffer greater harm without insurance protection.

The government is faced with higher bills as a result.

Minister of Emergency Management, Murray Watt, held a meeting with industry leaders in Brisbane to find solutions and create a plan that addresses the issue. The goal is to help communities prepare for disasters and manage insurance premiums.

Watt recognizes the importance of collaboration and sharing information on disaster risk in order to improve mitigation efforts and protect Australian households. He says, "By working with the insurance industry, we can better target our efforts to mitigate the risk of disasters and ensure that insurance remains available and affordable for households in disaster-prone areas."

The government's partnership with the insurance industry is just one step in their plan to increase the resilience of Australia against natural disasters and protect vulnerable households from financial harm.

Published:Friday, 3rd Feb 2023
Source: Paige Estritori

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

Share this news item:

Insurance News

Clear

Understanding the 4.41% Increase in Private Health Insurance Premiums for 2026

22 Feb 2026: Paige Estritori

Australian private health insurance premiums are set to rise by an average of 4.41% from 1 April 2026, marking the most significant increase since 2017. Health Minister Mark Butler stated that this adjustment reflects the escalating costs of medical and hospital services, which have risen by 5% over the past financial year. This increase is expected to impact over 15 million Australians who hold private health insurance policies. - read more

Health Insurers Respond to Rising Costs with Increased Payments to Private Hospitals

22 Feb 2026: Paige Estritori

In response to escalating operational costs faced by private hospitals, health insurers have increased their payments to these facilities. Recent data indicates that payments to private hospitals have risen by 7.7% in the year leading up to March 2025. This adjustment aims to support private hospitals during a period of financial strain and to ensure the continued delivery of quality health care services. - read more

Health Insurers to Include Natural Therapies in Coverage from 2026

22 Feb 2026: Paige Estritori

In a significant policy shift, Australian health insurers will begin offering rebates for a range of natural therapies, including Yoga, Pilates, Tai Chi, Shiatsu, Naturopathy, Western herbal medicine, and the Alexander Technique, starting early 2026. This change follows legislative amendments allowing these therapies to be covered under private health insurance for the treatment of health conditions or as part of health management programs. - read more

Australian Insurers Highlight Key Challenges for 2026

22 Feb 2026: Paige Estritori

As 2026 approaches, Australian insurers are facing a trio of pressing challenges: rising premium costs and shrinking insurability, escalating cyber and data risks, and increasing difficulty in hiring and retaining skilled workers. These concerns have been highlighted in industry feedback cited in Gallagher Bassett’s upcoming report, 'The Carrier Perspective: 2026 Claims Insights.' - read more

Australian Insurers Under Fire for Steep Premium Increases

22 Feb 2026: Paige Estritori

In recent times, Australian consumers have been grappling with substantial increases in insurance premiums, prompting widespread concern and calls for greater transparency within the industry. Reports indicate that some policyholders have experienced premium hikes of up to 600%, leaving many questioning the justification behind such steep increases. - read more

Click for more Insurance News

Farm Equipment Finance and Loans

Looking for the best way to finance your Farm Equipment? Well, look no further! Simply submit our 2-minute business loan enquiry form ... and we'll help get you qualified for the best rate Plant and Equipment loan available from our national panel of independent business finance brokers. We also have access to the best rates and options for Business Cashflow finance for Farmers.

... find out more ...