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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.
The National Truck Accident Research Centre (NTARC) has released its latest Major Incident Investigation Report, shedding light on the predominant causes of significant truck crashes across Australia. The findings reveal that human factors, particularly inattention, distraction, and inappropriate speed, continue to be the leading contributors to these incidents. - read more
In a strategic move to enhance the value of its offerings, TAL has announced the expansion of its Health Sense Plus program to encompass income protection insurance. This initiative, effective from 8 August 2025, aims to incentivise proactive health management among policyholders by providing premium discounts. - read more
Australia's insurance sector is experiencing a significant shift as mental health conditions become the predominant cause of total and permanent disability (TPD) claims. Recent data from the Council of Australian Life Insurers (CALI) indicates that mental health issues now account for nearly one-third of all TPD claims, marking a substantial change in the industry's claim patterns. - read more
The Australian Prudential Regulation Authority (APRA) has raised concerns about the sustainability of income protection insurance, following industry losses amounting to $2.5 billion over five years. APRA has urged life insurers to implement reforms to enhance the viability of these products and ensure they continue to meet policyholders' needs. - read more
In a significant development for Australia's marine insurance sector, Rhodian Group has announced the launch of Marinex Underwriting, a new agency dedicated to providing specialised marine insurance products tailored to the Australian market. This initiative marks Rhodian's third agency launch, following the establishment of Halo Underwriting and Batch Underwriting in previous years. - 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
For Australian business owners, planning for unforeseen disasters is not just prudent; it's an essential aspect of sustaining operations amidst challenges. Recognizing the importance of comprehensive strategies, including robust insurance cover, can make all the difference in business longevity and legal protection. As we navigate the complexities of running a business, it's imperative to have a safeguard against mishaps that could otherwise jeopardize our hard-earned success. - read more
Public liability insurance is a crucial aspect of managing risk for businesses in Australia. This type of insurance covers costs associated with claims made against a business for property damage or personal injury caused during business operations. - 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
Public liability insurance is designed to protect your business from financial loss if you are found liable for causing injury or property damage to a third party. This type of insurance covers legal costs and any compensation claims that might arise from accidents or incidents involving your business operations. - read more
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Knowledgebase
Insurable Interest: A financial or other kind of interest in the insured item or person, necessary for a valid insurance contract.