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
![]() | Queensland's Persistent Flood Woes: A Call for Resilient Rebuilding 05 Feb 2025: Paige Estritori The recent floods in northern Queensland have left a significant mark, with the Insurance Council of Australia reporting 1,435 insurance claims following the heavy rains. As the weather slowly begins to clear, residents of Townsville have started returning home, heaving a sigh of relief as the city narrowly avoided severe flooding. - read more |
![]() | ACCC Scrutinizes Major Motor Insurance Mergers 05 Feb 2025: Paige Estritori The Australian Competition and Consumer Commission (ACCC) has opened a detailed examination into significant mergers in the motor insurance market. The acquisitions under review include Insurance Australia Group's (IAG) endeavor to acquire RACQ Insurance and Allianz Australia's agreement to purchase RAA Insurance. - read more |
![]() | Urgency in Financial Reform: A Call for Swift Action 04 Feb 2025: Paige Estritori Christine Cupitt, CEO of the Council of Australian Life Insurers, has strongly expressed the urgent need for rapid legislative reform in financial advice. With an upcoming election threatening to stall legislation, time is of the essence to ensure timely implementation. - read more |
![]() | North Queensland Faces Swift Response Amid Devastating Floods 03 Feb 2025: Paige Estritori North Queensland is grappling with severe floods due to torrential rains, prompting the Insurance Council of Australia (ICA) to declare the situation a significant event. The worst-hit regions include Townsville and Ingham, where the impact has been profound. - read more |
![]() | Financial Strain Forces Australians to Reevaluate Life Insurance 30 Jan 2025: Paige Estritori The rising cost of living is compelling Australians to view life insurance less as a safeguarding asset and more as an unnecessary liability. This trend emerges amidst a confluence of economic challenges including escalating inflation, increasing interest rates, and notable shifts in population demographics, according to David Sarkis, the CEO of iExtend. - read more |
![]() | Securing Your Family's Future: How Life Insurance Offers Peace of Mind Life is a tapestry of precious moments, each framed by the inevitable uncertainty that the future holds. The awareness that our paths are peppered with unpredictability can often cast a shadow of concern, affecting how we cherish the present. For many, the well-being of family remains the cornerstone of life's purpose, driving the need for a foundation that offers stability and reassurance in the face of life's unexpected challenges. - read more
|
![]() | Understanding Life Insurance: Securing Your Family's Future Defining life insurance and its importance: Life insurance is a pivotal financial product designed to protect your loved ones from economic hardship in case of your untimely death. It acts as a safety net, ensuring that your family can maintain their standard of living, cover outstanding debts, and afford future expenses like education and retirement. - read more
|
![]() | Life Insurance Essentials: Protecting Your Growing Aussie Family Life insurance remains one of the most crucial considerations for new parents aspiring to provide a secure future for their growing families. The arrival of a child marks a transformative moment, redefining priorities and responsibilities. At its core, life insurance is a safety net, designed to offer financial protection and stability to loved ones in the event of an unforeseen tragedy. - read more
|
![]() | Strategies to Use Life Insurance in Funding Shareholder Agreements 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
|
![]() | Understanding the Role of Life Insurance in Your Estate Plan 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
|
![]() |
How Much Life Insurance Do You Really Need? A Family's Guide to Assessment Life insurance is one of those cornerstones of financial planning that often gets overlooked. Yet, the importance of life insurance in safeguarding your family's future cannot be overstated. It's a robust financial instrument that provides peace of mind, knowing that your loved ones will be financially secure in the event of your untimely passing. This introductory section lays the groundwork for understanding why life insurance is pivotal in your family's financial health. - read more
|
![]() |
Covering the Unexpected: A Guide to Trauma Insurance for Australian Families Trauma insurance, also known as critical illness insurance, is a type of coverage that provides a lump sum payment in the event that the insured suffers from a critical illness or injury. Unlike health insurance, which covers medical expenses, trauma insurance is designed to provide financial protection by helping to cover the additional costs associated with recovery from a severe illness or injury. - read more
|
![]() |
Strategies to Use Life Insurance in Funding Shareholder Agreements 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
|
![]() |
How Much Life Insurance Do You Truly Need? Assessing Your Personal Coverage There's often confusion surrounding the amount of life insurance one truly needs. Common misconceptions cloud our judgment, leading some to undervalue their coverage, while others may overinsure, unnecessarily straining their financial resources. It is a delicate balance to strike, and understanding the nuances of life insurance is pivotal to making informed decisions. - read more
|
![]() |
Securing Your Family's Future: How Life Insurance Offers Peace of Mind Life is a tapestry of precious moments, each framed by the inevitable uncertainty that the future holds. The awareness that our paths are peppered with unpredictability can often cast a shadow of concern, affecting how we cherish the present. For many, the well-being of family remains the cornerstone of life's purpose, driving the need for a foundation that offers stability and reassurance in the face of life's unexpected challenges. - read more
|