Victorian Flood Inquiry Calls for Faster Insurance Responses

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.

A thorough review by the Legislative Council Environment and Planning Committee highlights that prompt and adequate insurance assistance is pivotal for the recoveries of individuals and communities. Their interim findings, due for a final expansion in July, point out the further dislocation caused by slow insurance processes, limited contractor availability, and material access difficulties post-disaster.

The committee, evaluating testimonies and submissions from extensive public sessions in northern Victoria and Maribyrnong, emphasizes the importance of swift insurance action to mitigate prolonged trauma effects and stresses the importance of support services provided in a timely manner.

The negative impact of sluggish claim handling and poor coverage was pronounced in the family-faced hardships documented in the report. Obstacles like these slow rebuilding and amplify the already harsh conditions for disaster-stricken residents.

Policyholder narratives included in the interim report display the extent of the strain, such as:

• the intensity of dealing with financial and emotional stress while residing in temporary homes.
• the growing despair as residents remain displaced long after the floods, feeling deserted by insurers and government alike.
• frustration with an insurance industry quick to collect premiums but slow in meeting claims, especially when determining reparability.
• the disorder within companies, leading to inefficient repair processes and bloated costs from drawn-out paperwork.
• a personal account of parents’ untenable living situation amidst arduous dealings with insurers.
• Insistence on the necessity for a defined timeframe for insurance response to hold companies accountable and facilitate disaster recovery.

The widespread community sentiment reflected an orderly call for more efficient insurance procedures to address the severe effects of disasters, with policymakers looking to refine recovery mechanisms amidst Victoria's battle with natural calamities.

Published:Tuesday, 30th Apr 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Clear

New Crane Cover Highlights the Insurance Gap for High-Risk Trades

24 Jun 2026: Paige Estritori

A new specialist insurance product for Australian crane and rigging operators is a timely reminder that not every business fits neatly into a standard policy box. ARTes Specialty, working with wholesale provider Mobius Insurance, has launched an integrated crane and rigging policy for the local market, adding to its earlier Australian offerings for commercial loggers and contractors’ plant and equipment. - read more

NSW Budget Puts Insurance Levy Pressure Back on the Table

24 Jun 2026: Paige Estritori

The latest NSW Budget has reignited debate over the Emergency Services Levy, with insurance industry concern growing that escalating collection forecasts are strengthening the case for reform. For households and businesses already managing higher premiums, the issue is more than a line item in the state accounts. It goes directly to affordability, underinsurance and whether the cost of funding emergency services is being shared fairly. - read more

NSW Insurance Levy Pressure Adds to Salon Cost Concerns

24 Jun 2026: Paige Estritori

The NSW Budget released on 23 June 2026 has put insurance affordability back in the spotlight, with updated forecasts showing emergency services levy collections are expected to be materially higher than previously projected. For beauty salon owners, skin clinics, nail technicians and mobile beauticians in NSW, the issue is not just a government finance story. - read more

Life Insurance Demand Strengthens as Businesses Reassess Protection Needs

24 Jun 2026: Paige Estritori

New market data reported by Plan For Life points to a notable rebound in parts of Australia’s life insurance sector, with individual lump sum insurance new business rising 6.7% across the 2025 calendar year and individual income protection new business increasing 8.3%. While overall risk new business was lower, that decline was attributed largely to group risk sales returning to more normal levels after earlier periods of heightened activity. - read more

New Report Highlights the Cost of Unplanned Business Succession

24 Jun 2026: Paige Estritori

A new Business Health research report has put a sharp focus on a familiar but often under-managed risk: what happens to a business if its principal suddenly dies or becomes permanently disabled. While the report is centred on Australian financial advice practices, its message applies broadly to SMEs, partnerships and owner-led companies where enterprise value is closely tied to one or two key people. - read more

Click for more Insurance News