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

Significant Increase in Health Insurance Premiums Anticipated for 2026

21 Jan 2026: Paige Estritori

Health insurance premiums are set to experience a substantial increase in 2026, with projections indicating a global rise of 10.3%. This marks the third consecutive year of significant hikes, following increases of 10% in 2025 and 9.5% in 2024. These figures are highlighted in WTW's 2026 Global Medical Trends report, underscoring the persistent inflationary pressures affecting insurers and employer-sponsored health plans worldwide. - read more

Private Health Insurers Under Scrutiny for Profits Amid Rising Premiums

21 Jan 2026: Paige Estritori

Recent analyses have brought to light significant concerns regarding the profit margins of private health insurers in Australia, especially in the context of rising premiums. The Australia Institute has highlighted that major insurers are reporting substantial profits while simultaneously increasing premiums, a situation that has sparked criticism and calls for greater transparency within the industry. - read more

Health Minister Puts Private Health Insurers on Notice Over Pricing Practices

21 Jan 2026: Paige Estritori

Health Minister Mark Butler has issued a stern warning to private health insurers in Australia, cautioning them against employing underhanded tactics to increase premiums. This comes in response to findings from the Commonwealth Ombudsman, which revealed that some insurers have been closing old policies and introducing more expensive new ones, effectively circumventing regulatory limits on premium hikes. - read more

AUSactive Unveils Comprehensive Insurance Solution for Fitness Professionals

21 Jan 2026: Paige Estritori

AUSactive, Australia's leading body for the exercise and active health sector, has announced the launch of a new insurance product tailored specifically for fitness professionals. This initiative, developed in collaboration with global insurance broker Marsh, aims to provide enhanced protection while offering lower premiums compared to existing market options. - read more

Health Insurers to Include Natural Therapies in Coverage from 2026

21 Jan 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

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 ...