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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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Recent transport industry coverage has again highlighted regulator attention on heavy vehicle roadworthiness, with roadside checks, defect management and maintenance systems remaining central safety themes for Australian operators. For trucking businesses, the message is not limited to avoiding fines or delays. Roadworthiness can also influence how insurers view risk, how smoothly a claim progresses and whether policy conditions have been met after an incident. - read more
Australia’s engineered stone ban and continuing regulator focus on silica exposure are more than a workplace safety issue for builders, renovators, tilers, stonemasons, plumbers, electricians and demolition contractors. They also create a practical insurance checkpoint for any trade business that cuts, drills, grinds, removes or works around dust-generating materials. - read more
Fresh motor insurance commentary across the Australian market is again pointing to a practical issue truck operators know well: repairing vehicles is becoming more complex, more expensive and, in some cases, slower. For heavy vehicle businesses, this is not just a workshop problem. It can influence claim outcomes, renewal pricing, excess settings and the amount of time a truck is off the road after an incident. - read more
Recent complaints data from the Australian Financial Complaints Authority has again highlighted a pressure point that matters to rural Australia: insurance claims can become difficult when expectations, policy wording and evidence do not line up. While the figures cover the wider insurance market rather than farms alone, the themes are highly relevant for agricultural businesses dealing with storm damage, fire losses, machinery failures, fencing repairs or interrupted operations. - read more
Fresh industry attention on ASIC's expectations for compensation arrangements is a timely reminder that professional indemnity insurance should not be treated as a once-a-year renewal task. For Australian professionals who provide advice, compliance support, financial services, consulting, design, technology or outsourced business services, the adequacy of cover depends on how closely the policy matches the work actually being performed. - read more
Welcome to our comprehensive guide on public liability insurance, an essential safeguard for businesses across Australia. Navigating the complexities of liability insurance can be a daunting task for many business owners, but it’s a critical component of your business protection plan. If incidents such as accidents or property damage occur, liability insurance is the barrier that stands between your business and financial calamity. - read more
As a business owner, one of your top priorities is safeguarding your enterprise from unforeseen events that could lead to financial liabilities. Liability insurance is the cornerstone of this protection, offering a safety net against claims that could otherwise derail your business's financial stability. However, it's not just about having insurance; it's crucial to ensure your coverage is current and adequate for your evolving business requirements. - read more
As a business operating in Australia, understanding the ins and outs of public liability insurance is not just recommended, it's essential. This type of insurance serves as a safeguard, protecting your business against the financial repercussions of lawsuits and claims arising from third-party injuries or property damage due to your business operations. In a world where one unintended mishap can lead to costly legal battles, public liability insurance stands as your first line of defense. - read more
Running a small business in Australia comes with its own set of challenges and risks. One crucial aspect that should never be overlooked is insurance, particularly public liability insurance. The reason is simple: it offers essential protection against claims of property damage or personal injury caused by your business operations. - read more
Public liability insurance is a crucial form of protection for both businesses and individuals, safeguarding them against potential claims for personal injury or property damage that occur as a result of their operations or services. In an increasingly litigious society, having this coverage can mean the difference between staying afloat financially and facing business closure due to unexpected claims. - read more
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Knowledgebase
Insurance Deductible: the amount that an insured is required to contribute toward an insurance claim as stipulated in an insurance policy. Otherwise known as the "policy excess".
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