Liability Insurance Australia :: News

Share this news item!

MPs to Investigate Tasmania's Flood Impact

⚠️The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

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.

Published:Friday, 5th Jul 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

RACQ Insurance Withdraws Rideshare Vehicle Coverage

23 Jan 2026: Paige Estritori

RACQ Insurance has recently announced the cessation of coverage for rideshare and food delivery vehicles, effective from November 3, 2023. This decision stems from a notable increase in claims associated with these services, prompting the insurer to reassess its offerings. - read more

AFCA Directs Insurer to Settle Restaurant Arson Claim

23 Jan 2026: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has recently ruled in favour of a restaurant owner, directing the insurer to honour an arson claim despite the director's failure to disclose a past criminal conviction. This decision underscores the importance of clear communication and due diligence in the insurance application process. - read more

Upcover Introduces Affordable Management Liability Insurance for SMEs

23 Jan 2026: Paige Estritori

Upcover, a Sydney-based insurtech company, has recently launched a management liability insurance product tailored specifically for small and medium-sized enterprises (SMEs) and sole traders. With premiums starting at $780 per year for a $1 million coverage limit, this offering aims to provide affordable and comprehensive protection against various business risks. - read more

CHU's 2025 Report Shows Stability in Strata Insurance Premiums Amid Climate and Regulatory Shifts

22 Jan 2026: Paige Estritori

CHU, Australia's leading strata insurance underwriting agency, has released its 2025 State of the Strata Market report, providing a comprehensive analysis of the current state of the industry. The report offers valuable insights into premium movements, the impact of weather events, regulatory developments, and emerging risks affecting strata insurance. - read more

ICA Calls for Strata Law Reforms to Address Rising Insurance Costs in Victoria

22 Jan 2026: Paige Estritori

The Insurance Council of Australia (ICA) has recently called for substantial reforms to Victoria's strata legislation, citing a direct correlation between inadequate governance and escalating insurance premiums for residents. With approximately one in five Victorians residing in strata-titled properties, the need for effective management and oversight has become increasingly critical. - read more

Click for more Insurance News

Business Insurance Articles

The Importance of Public Liability Insurance in the Australian Labour Hire Industry

The Australian labour hire industry has seen a significant rise in recent years, and with this growth, comes new and unique risks that companies in this industry must be prepared to navigate. One such risk is the potential for accidents or damages to occur in the workplace, which is where public liability insurance comes in. This article will explore the definition of public liability insurance and why it is so important for labour hire companies in Australia. - read more

Understanding the Role of Public Liability Insurance in Business Disaster Planning

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

The Smart Business Approach: How to Effectively Compare Public Liability Insurance Rates

Running a business comes with inherent financial risks. Whether you own a small café or a large construction company, unforeseen incidents can lead to significant financial losses. - read more

Common Myths About Public Liability Insurance Debunked

Today, we're diving into the world of public liability insurance, a crucial topic for anyone running a small business or working as a self-employed professional in Australia. - read more

5 Tips for Reducing Your Liability Insurance Premiums in Australia

Liability insurance is a crucial form of protection that offers coverage against claims resulting from injuries and damage to people or property. Within the bustling landscape of Australian businesses, possessing this form of insurance is key to financial security and continuity. It acts as a safety net, ensuring businesses can manage risks without bearing the full brunt of potentially costly legal claims. - read more

Start Here !

Knowledgebase

Disability Insurance:
A type of insurance protection that pays a portion of a person's income lost due to a total or partial disablement arising from either an accident or a sickness.

This website is owned and operated by Clark Family Pty Ltd (as Trustee for the Clark Family Trust) 43 Larch Street Tallebudgera QLD 4228, A.C.N. 010281008, authorised Financial Services Representative of Unique Group Broker Services Pty Ltd, Australian Financial Services License 509434. Visit the ASIC website for additional licensing information.

IMPORTANT: We are neither authorised nor licensed to provide finance or financial products and we do not offer any form of credit or other financial advice. All product enquiries and requests for financial and/or other advice on this website are referred to third party intermediaries, insurers and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for vaidating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.