MPs to Investigate Tasmania's Flood Impact

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 House Standing Committee on Economics will convene at the Paranaple Convention Centre in Devonport on July 17. Chairman Daniel Mulino expressed a keen interest in gaining comprehensive insights from local councils, businesses, and residents regarding their flood-related experiences.

In October 2022, flooding affected Northern Tasmania, alongside significant parts of Victoria and New South Wales (NSW). The Insurance Council of Australia reported that these floods led to $884 million in insured losses and nearly 23,000 claims being lodged, with an impressive closure rate of 95% for these claims.

The committee has reached out to councils, business groups, and community organizations, inviting them to participate in the hearing. Individuals are also encouraged to voice their experiences through submissions at the event or by completing the committee’s survey.

In recent months, the inquiry has reviewed flood-impacted areas across Victoria, NSW, and Queensland. Future hearings are planned for Cairns and Townsville on July 24 and 25, respectively.

The committee aims to publish its final report by September 30.

As mentioned in Insurance News Magazine, Assistant Treasurer Stephen Jones emphasized his decision to avoid "populist politics" when addressing affordability barriers in the insurance industry amidst these discussions.

Published:Friday, 5th Jul 2024
Source: Paige Estritori

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

Share this news item:

Insurance News

Clear

Australian Insurers Under Fire for Steep Premium Increases

03 Mar 2026: Paige Estritori

In recent times, Australian insurance companies have come under intense scrutiny due to substantial increases in premiums, even as they report record profits. This trend has raised concerns among consumers and policymakers alike, prompting calls for enhanced transparency and competition within the industry. - read more

Rising Insurance Risk Pressures Challenge Australian Businesses

03 Mar 2026: Paige Estritori

Australian businesses are currently navigating a complex landscape of increasing insurance risks, driven by factors such as heightened litigation, rapid technology adoption, supply chain disruptions, catastrophic events, and geopolitical tensions. These challenges necessitate a proactive approach to risk management and insurance coverage. - read more

Surging Home Insurance Costs in Australia Amid Climate Change

03 Mar 2026: Paige Estritori

Homeowners across Australia are facing significant increases in insurance premiums, driven by the escalating frequency and severity of natural disasters attributed to climate change. This trend raises concerns about the affordability and availability of coverage, particularly in high-risk areas. - read more

Rising Private Health Insurance Premiums: A Growing Concern for Australians

03 Mar 2026: Paige Estritori

In recent times, Australians have been grappling with escalating private health insurance premiums, a trend that has intensified amidst the ongoing cost-of-living crisis. Notably, some 'Gold' tier policies have experienced increases exceeding 12% between 2023 and 2024, significantly outpacing the average approved indexation of 3.03% for the same period. This surge has raised serious concerns about the affordability and value of private health insurance for many Australians. - read more

Australia's Insurance Market Set for Significant Growth by 2029

03 Mar 2026: Paige Estritori

Australia's insurance industry is on a trajectory of substantial growth, with projections indicating that the market will reach $144.5 billion by 2029. This expansion is underpinned by a compound annual growth rate (CAGR) of 8.8%, reflecting a robust and resilient sector poised to meet evolving consumer needs. - read more

Click for more Insurance News