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MPs to Investigate Tasmania's Flood Impact

MPs to Investigate Tasmania's Flood Impact

MPs to Investigate Tasmania's Flood Impact?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.

Federal Members of Parliament (MPs) are set to investigate Northern Tasmania as part of their ongoing review of the insurance sector’s handling of the unprecedented 2022 floods.

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

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Subrogation:
An insurance carrier may reserve the "right of subrogation" in the event of a loss. This means that the company may choose to take action to recover the amount of a claim paid to a covered insured if the loss was caused by a third party.