Life Insurance Australia :: News
SHARE

Share this news item!

Senate Probes Climate's Toll on Insurance Costs and Access

Senate Probes Climate's Toll on Insurance Costs and Access

Senate Probes Climate's Toll on Insurance Costs and Access?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 Senate has launched an investigation into the growing climate risks that are affecting insurance premiums, with a focus on affordability and accessibility.

Deputy leader of the Australian Greens and New South Wales Senator Mehreen Faruqi prompted the initiative by advocating for the formation of the Select Committee on the Impact of Climate Risk on Insurance Premiums and Availability.

This committee aims to scrutinize the challenges of insurance unaffordability affecting certain regions prone to climate-induced disasters and the barriers preventing some individuals from obtaining coverage. Additionally, it will assess how premium increases are linked to climate change and its impact on various insurance products, even those not directly exposed to climate risk.

The committee is also keen to understand the distributional effects of rising premiums across different communities, regions, and demographics. They will examine the role governments play in promoting climate adaptation and resilience measures to reduce insurance costs.

Labor Senator Tony Sheldon remarked that the committee’s efforts would help pinpoint areas where the government can support Australians facing escalating insurance rates.

"Since July 2022, more than half of Australia's local government areas have encountered natural disasters," Sheldon shared in an interview with insuranceNEWS.com.au. "Ensuring community safety before, during, and after these events is a chief concern for the Albanese administration."

The committee is scheduled to deliver its final report by November 19.

The Insurance Council of Australia (ICA) plans to review the committee’s terms of reference closely. According to the ICA spokesperson, the insurance industry has been actively participating in the House Economics Committee's inquiry into the responses to the 2022 flood claims, which also considers affordability and the efficacy of mitigation strategies.

“The ICA will coordinate with the Senate committee to streamline efforts and avoid redundancies with the work being done by the House Economics Committee,” the spokesperson added.

Published:Saturday, 18th May 2024
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

Hutch Underwriting's New Landlord Insurance Policy Integrates Cyber Protection
Hutch Underwriting's New Landlord Insurance Policy Integrates Cyber Protection
20 Apr 2026: Paige Estritori
In August 2025, Hutch Underwriting unveiled a new landlord insurance product tailored for Australian residential property owners. This policy stands out by incorporating built-in cyber protection, addressing the growing digital risks landlords face in today's interconnected world. - read more
Australian Medical Association Advocates for Reforms in Private Health Insurance
Australian Medical Association Advocates for Reforms in Private Health Insurance
19 Apr 2026: Paige Estritori
The Australian Medical Association (AMA) has intensified its call for comprehensive reforms in the private health insurance sector, particularly in response to the recent 4.41% average premium increase effective from April 2026. This hike, the largest in nearly a decade, has raised concerns about the affordability and value of private health coverage for Australians. - read more
Australian Government Outlaws 'Product Phoenixing' in Health Insurance
Australian Government Outlaws 'Product Phoenixing' in Health Insurance
19 Apr 2026: Paige Estritori
The Australian government has introduced legislation to prohibit the practice known as 'product phoenixing' within the private health insurance sector. This move aims to enhance transparency and fairness for consumers by preventing insurers from closing existing policies and reintroducing nearly identical ones at higher premiums. - read more
HCF and Netball Australia Strengthen Commitment to Women's Health
HCF and Netball Australia Strengthen Commitment to Women's Health
19 Apr 2026: Paige Estritori
HCF, Australia's largest not-for-profit health fund, has announced the extension of its major partnership with Netball Australia and Super Netball, continuing as the sport's official health insurance partner through to the end of 2027. This renewal underscores HCF's dedication to improving the health and wellbeing of Australian women by supporting netball at all levels-from grassroots participation to elite competition. - read more
Gold-Level Health Insurance Premiums to Surge by Up to 25% in 2026
Gold-Level Health Insurance Premiums to Surge by Up to 25% in 2026
19 Apr 2026: Paige Estritori
Recent analysis by consumer advocacy group CHOICE has revealed that Australians holding gold-level health insurance policies may face premium increases of up to 25% starting in April 2026. This substantial hike significantly exceeds the average 4.41% increase approved by the government for private health insurance premiums. - read more


Life Insurance Articles

Life Insurance Comparison: Key Questions to Ask Your Insurer
Life Insurance Comparison: Key Questions to Ask Your Insurer
Life insurance is a crucial consideration for middle-aged to older Australians. It provides financial security for your loved ones in the unfortunate event of your death. Understanding the various options available is vital to making an informed decision. - read more
Understanding the Role of Life Insurance in Financial Security
Understanding the Role of Life Insurance in Financial Security
Life insurance can seem complex at first, but understanding the basics can help demystify this important financial product. At its core, life insurance is a contract between you and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon your passing, in exchange for premium payments. - read more
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
A Millennial's Guide to Life Insurance
A Millennial's Guide to Life Insurance
For many millennials, navigating the complexities of personal finance and future planning can feel like a bewildering journey. Among these financial responsibilities, life insurance emerges as a paramount consideration. More than just a safety net, life insurance can be the cornerstone of a sound financial strategy, providing peace of mind for both the policyholder and their loved ones. - 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


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

Start Here

Life Cover Amount:
Postcode:

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


Knowledgebase
Exclusion:
Specific conditions or circumstances for which the insurance policy does not provide coverage.