Recent sessions have highlighted the profound consequences potential adjustments to construction standards could have on how insurers assess and manage flood risks. Hydrologists also provided valuable insights into the complexities of their decision-making processes during these events.
Commenced on January 31, the inquiry has been a platform for various stakeholders, including consumer advocates, regulatory bodies, insurance companies, and communities directly affected by the floods, to voice their concerns and experiences.
Participants have underscored the need for improved expert assessments, enhanced complaint resolution mechanisms, and strategies to address the growing issue of affordability in flood-prone regions. These elements are poised to be key focus areas in the forthcoming set of recommendations.
According to insights gathered from the original article, the industry's anticipation centers around the proposed reforms and how they could reshape the landscape of flood risk management and insurance practices.
Overall, the inquiry is expected to prompt a comprehensive evaluation and overhauls in several domains:
The permanent transformation of these aspects intends to mitigate future risks and assures that communities can recover more swiftly from such catastrophic events.
Published:Thursday, 8th Aug 2024
Source: Paige Estritori
![]() |
Red Sea Unrest: Insurer Denies Cruise Cancellation Claim 20 Jun 2025: Paige Estritori An Australian travel policyholder has been denied a claim payout after his planned cruise in the Red Sea was cancelled due to conflict. The insurer, Southern Cross, invoked its policy's war and violence exclusion clause, as disturbances in the region were linked to military activities, rendering the claim invalid. - read more |
![]() |
Recognition at ACT Insurance Awards Highlights Industry Leaders 18 Jun 2025: Paige Estritori The ACT Insurance Awards have recently acknowledged the standout performers within the insurance sector, with EML Group's Canberra branch receiving the prestigious title of Insurance Leader of the Year. This accolade sets a benchmark in the industry, emphasising excellence and leadership among its professionals. - read more |
![]() |
TAL Collaborates with Insurtech to Launch Embedded Life Insurance 17 Jun 2025: Paige Estritori Australia's prominent life insurer, TAL, has partnered with the global insurtech firm, Cover Genius, to introduce an innovative 'digital-only', embedded life insurance product. This new solution aims to serve Australian workers such as part-time employees, contractors, and casual staff who often lack access to affordable insurance coverage. - read more |
![]() |
Growing Mistrust in New Zealand Insurers Amid Rising Costs 17 Jun 2025: Paige Estritori Recent findings from a Consumer NZ survey highlight increasing skepticism towards insurers in New Zealand, as affordability remains a significant concern for many. The survey noted that insurance now ranks as the fourth-largest financial pressure among respondents, trailing housing, food, and household debt, marking an upward shift from sixth place last October. This change has negatively impacted the industry's reputation, with more individuals expressing distrust towards insurers. - read more |
![]() |
No Refund Policy Upheld in Camper Tent Dispute 16 Jun 2025: Paige Estritori The Australian Financial Complaints Authority (AFCA) has supported Open Insurance's decision to deny a refund to a customer who cancelled his motor policy after being informed that his new rooftop tent installation would breach policy guidelines. The policyholder was advised that any modifications, including a 'slip on camper/tent or camper conversion,' would void coverage, prompting him to cancel his insurance in March. - read more |
Discover trusted solutions from our family of brands:
Comprehensive Indemnity Insurance to Protect Your Professional Reputation