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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.

The Australian government is taking action to tackle the rising cost of insurance in areas prone to natural disasters.

The insurance industry is working in partnership with the Albanese government to provide solutions that make insurance more accessible and affordable for households.

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.

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Insurance News

Heightened Road Risks During Holiday Season Due to Increased Freight Traffic

25 Jan 2026: Paige Estritori

As Australia enters the summer holiday season, insurers and transport specialists are raising alarms about heightened road risks resulting from the convergence of increased freight activity and holiday travel. This period sees a significant uptick in both passenger vehicles and heavy trucks on the roads, amplifying the potential for accidents and safety incidents. - read more

Celebrating Excellence: 2025 National Trucking Industry Award Winners

25 Jan 2026: Paige Estritori

The Australian Trucking Association (ATA) has proudly announced the recipients of the 2025 National Trucking Industry Awards, recognizing outstanding contributions and achievements within the sector. These awards highlight the dedication and excellence of individuals and organizations that drive the industry forward. - read more

Premiums Decline in Australian Construction Insurance Market

25 Jan 2026: Paige Estritori

Australia's construction insurance market has entered a softer phase in 2025, with premiums decreasing across various lines due to heightened competition among insurers. According to Marsh's Construction Insurance Market Update 2025, premium reductions averaged between 5% and 15% in the first half of the year. - read more

Labour Shortages and Supply Chain Issues Elevate Insurance Claims Costs

25 Jan 2026: Paige Estritori

In 2025, Australia's insurance industry is grappling with rising claims costs, particularly within the construction sector, due to labour shortages and supply chain disruptions. Crawford & Company's latest Claims Inflation Update highlights that construction expenses are increasing at a rate faster than general consumer prices, with the Building Cost Index (BCI) rising nearly 5% annually. - read more

Envest Group Unveils TLI Underwriting: A New Era for Heavy Motor Fleet Insurance

24 Jan 2026: Paige Estritori

Envest Group, a prominent player in Australia's insurance sector, has announced the launch of TLI Underwriting, a new agency dedicated to providing specialised insurance solutions for heavy motor fleet operators. This strategic move aims to address the unique challenges faced by larger transport businesses in Australia. - read more

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Life Insurance Articles

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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 Events That Should Trigger a Life Insurance Review for Aussie Families

Life insurance is a cornerstone of financial planning for Aussie families, offering protection and peace of mind. But what happens when the bustling flow of life brings changes? This is where a life insurance review comes into play. A life insurance review is a thorough analysis of your existing policy to ensure it aligns with your current life circumstances and financial goals. - read more

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Life Insurance Comparison: Key Questions to Ask Your Insurer

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How to Review and Update Your Life Insurance Policy as Your Family Grows

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Knowledgebase

Public Liability Insurance:
A very broad term for insurance covering liability exposures for individuals and business owners. It provides broad coverage, generally including all exposures for property damage and bodily injury.

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