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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.
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New Zealand’s latest insurance dispute figures are a timely warning for anyone relying on personal cover to protect their household income. The Insurance & Financial Services Ombudsman Scheme reported that, for the year ended 30 June 2026, health insurance became the largest category of disputes it investigated for the first time, with health disputes up 91 percent and 833 dispute investigations completed across all categories. - read more
The 2026 National Truck Accident Research Centre major incident report gives Australian truck operators a useful, if challenging, snapshot of where serious heavy vehicle risk is changing. Released in October 2026 and based on de-identified NTI-insured heavy vehicle major-loss claims, the report points to progress on distraction and fatigue, while also highlighting renewed concern about inappropriate speed and following distance. - read more
A federal parliamentary inquiry into small business insurance has pushed back its reporting timetable, extending the wait for recommendations on insurance affordability, availability and regulation. Insurance News reported on 27 October 2026 that the inquiry, which had been expected to report that day, now intends to table its final report by 26 February 2027 after receiving extensive evidence from across the market. - read more
Australia’s proposed overhaul of the General Insurance Code of Practice has moved from consultation to regulator review, with the Insurance Council of Australia lodging a strengthened code with ASIC on 22 October 2026. For shop owners, this is not an instant change to policy terms, but it is a significant development in how insurers may be expected to handle claims, complaints, vulnerability and customer communication in the next phase of the market. - read more
New research from specialist insurer CFC, reported on 26 October 2026, has put a sharper number on a problem many Australian small businesses already sense: cyber risk is moving faster than insurance take-up. CFC’s local findings indicate seven in 10 Australian SMEs surveyed experienced a cyber incident in the past three years, while standalone cyber policy uptake is still estimated at only 10% to 15%. - read more
Shareholder agreements lay the cornerstone for stable business relationships and continuity in Australia. Acting as a contract among business owners, these agreements set forth the expectations, rights, and obligations of all parties involved. They are particularly vital in delineating clear paths for dispute resolution, succession planning, and the transfer of ownership shares under varied circumstances, including the untimely death or departure of a shareholder. - read more
Life is an unpredictable journey filled with twists and turns that can challenge even the most prepared among us. Sudden illnesses and unexpected injuries are just some of the uncertainties that can disrupt the harmony of family life. The emotional turmoil brought on by these circumstances is often compounded by the financial strain they can cause. It's during these trying times that the true value of peace of mind becomes clear. - read more
Life insurance premiums in Australia are shaped by a mix of personal, health, lifestyle and policy choices. This guide explains the main cost factors, how underwriting works, and why quotes can vary between insurers. - read more
The importance of life insurance in financial planning: Life insurance isn’t just a policy; it’s a cornerstone of comprehensive financial planning. By protecting your family’s financial future, life insurance offers peace of mind, knowing that your loved ones will be taken care of in the event of your untimely passing. It’s not solely about leaving behind a legacy, but also ensuring that your family can maintain their standard of living, pay off debts, and cover end-of-life expenses without financial burden. - read more
Estate planning is a critical process that often goes overlooked, but it's essential for securing the financial future of your loved ones and ensuring your assets are distributed according to your wishes. It involves the careful organization and protection of an individual’s estate to minimize uncertainties and facilitate the smooth transfer of assets after their passing. While it may seem complex, understanding the basics of estate planning is necessary for every Australian adult, regardless of wealth. - read more
Knowledgebase
No-Fault Insurance: A type of car insurance where your insurer pays for your damages regardless of who is at fault in an accident.
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