Farm Insurance Australia :: News
SHARE

Share this news item!

Insurers Facing New Challenges After Flood Inquiry Concludes

Insurers Facing New Challenges After Flood Inquiry Concludes

Insurers Facing New Challenges After Flood Inquiry Concludes?w=400

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.

The federal inquiry examining the insurance industry's response to the devastating 2022 floods has come to a close after six intense months of hearings.
The final report is anticipated by October 18, promising significant recommendations.

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:

  1. Stringent evaluation criteria for ensuring building codes align with current flood risk analyses.
  2. Streamlined and more accessible complaint handling processes for consumers.
  3. Strategies to enhance the affordability and accessibility of insurance in high-risk areas.

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

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

Share this news item:

Insurance News

Survey Highlights Alarming Number of Australians Travelling Uninsured
Survey Highlights Alarming Number of Australians Travelling Uninsured
16 Feb 2026: Paige Estritori
Recent research conducted by the Insurance Council of Australia (ICA) and the Department of Foreign Affairs and Trade (DFAT) has unveiled a concerning trend: approximately 14% of Australian travelers embark on international journeys without any form of travel insurance. This statistic has prompted industry leaders to urge Australians to reconsider the importance of securing adequate coverage before traveling abroad. - read more
IAG's Impressive FY25 Performance and Strategic Outlook for FY26
IAG's Impressive FY25 Performance and Strategic Outlook for FY26
16 Feb 2026: Paige Estritori
Insurance Australia Group (IAG) has reported a notable 4.3% increase in gross written premium (GWP), reaching $17.1 billion for the fiscal year 2025. This growth is accompanied by a net profit after tax of $1.36 billion, marking a significant rise from the previous year's $898 million. The company's reported insurance profit stands at $1.74 billion, with a margin of 17.5%, and a return on equity improving to 19.4%. Shareholders are set to benefit from a full-year dividend of 31. - read more
Potential Decrease in Australian Insurance Premiums Amid Global Market Downturn
Potential Decrease in Australian Insurance Premiums Amid Global Market Downturn
16 Feb 2026: Paige Estritori
Recent developments in the global financial markets have sparked discussions about potential benefits for Australian insurance policyholders. A significant sell-off in the insurance sector on Wall Street has led analysts to speculate that Australian insurance premiums could see a reduction in the near future. - read more
NSW Court Decision Escalates Liability Risks for Construction Industry
NSW Court Decision Escalates Liability Risks for Construction Industry
16 Feb 2026: Paige Estritori
A recent landmark ruling in New South Wales has significantly altered the liability landscape for the construction industry. The court's decision removes the ability for developers and builders to rely on proportionate liability defences under the Design and Building Practitioners Act 2020 (DBP Act), thereby increasing their exposure to claims related to building defects. - read more
Rising Public Liability Insurance Premiums Challenge Australian Businesses
Rising Public Liability Insurance Premiums Challenge Australian Businesses
16 Feb 2026: Paige Estritori
The Australian Prudential Regulation Authority (APRA) has released its latest National Claims and Policies Database (NCPD) statistics, revealing a substantial increase in public liability insurance premiums over recent years. According to the data, premiums have risen by 40% since 2015, a rate that surpasses general inflation and places additional financial strain on businesses across the country. - read more
IAG Foresees Ongoing Insurance Premium Rises Amidst Inflation and Climate Concerns
IAG Foresees Ongoing Insurance Premium Rises Amidst Inflation and Climate Concerns
16 Feb 2026: Paige Estritori
Insurance Australia Group (IAG), a leading insurer in the Australian market, has reported a significant 91% increase in net profit for the first half of the 2024-2025 financial year, amounting to $778 million. This surge is largely attributed to favourable weather conditions during the period. Despite this positive financial outcome, IAG's CEO, Nick Hawkins, has indicated that insurance premiums are expected to continue rising, though at a more moderated pace compared to previous years. - read more
Lismore Pizza Restaurant Secures Insurance Payout After Stormwater Damage Dispute
Lismore Pizza Restaurant Secures Insurance Payout After Stormwater Damage Dispute
16 Feb 2026: Paige Estritori
A Lismore-based pizza restaurant has successfully resolved an insurance dispute concerning stormwater damage sustained during severe weather events in February 2023. The restaurant experienced multiple instances of stormwater ingress between 10 pm on February 27 and 4 am on February 28, with water levels reaching up to 100mm before the premises were overwhelmed by floodwaters. - read more
CHU Revamps Residential Strata Insurance Policies
CHU Revamps Residential Strata Insurance Policies
16 Feb 2026: Paige Estritori
In August 2025, CHU, Australia's largest strata underwriting agency, announced significant updates to its residential strata insurance policies. These enhancements are designed to address evolving customer needs by removing complexities, bridging coverage gaps, and ensuring better protection for strata residents. - read more
NSW Implements Stricter Strata Maintenance Regulations
NSW Implements Stricter Strata Maintenance Regulations
16 Feb 2026: Paige Estritori
In November 2025, New South Wales (NSW) introduced a series of reforms aimed at strengthening the maintenance and repair obligations of strata properties. These changes empower NSW Fair Trading to issue compliance notices and enter enforceable undertakings with owners' corporations that fail to maintain and repair common property as required. - read more
Strata Communities Endorse Call for Enhanced Resilience Reforms
Strata Communities Endorse Call for Enhanced Resilience Reforms
15 Feb 2026: Paige Estritori
Strata communities are at the forefront of Australia's resilience battle, facing escalating costs, declining coverage, and prolonged recovery periods following disasters. Strata Community Association Australasia (SCA) has expressed strong support for the Insurance Council of Australia's (ICA) recent call for coordinated, long-term resilience reforms to protect communities from these challenges. - read more


Farm Insurance Articles

A Farmer's Guide to Essential Farm Insurance Terminology
A Farmer's Guide to Essential Farm Insurance Terminology
Farming is a vital industry in Australia, requiring significant investment in equipment, crops, livestock, and labour. As with any major investment, protecting it is crucial. That's where farm insurance comes in. - read more
Understanding Farm Equipment Insurance: A Breakdown for Australian Farmers
Understanding Farm Equipment Insurance: A Breakdown for Australian Farmers
In the dynamic world of Australian agriculture, farm equipment plays a crucial role in the day-to-day operations of farms. From tractors to harvesters, having the right machinery means managing your farm more efficiently. However, the high value of this equipment makes it essential to protect it adequately through insurance. - read more
Investing in Your Farm's Legacy: Estate Planning and Farm Insurance Combined
Investing in Your Farm's Legacy: Estate Planning and Farm Insurance Combined
Farming is much more than an occupation; it's a way of life and a heritage that often spans generations. In today's ever-evolving agricultural landscape, embracing modern practices while preserving your farm's future has never been more crucial. Estate planning emerges as a pivotal strategy for safeguarding your agricultural legacy, ensuring that your hard-earned investments and the land you hold dear are passed on according to your wishes. - read more
How to Protect Your Harvest: Tips for Choosing the Right Crop Insurance
How to Protect Your Harvest: Tips for Choosing the Right Crop Insurance
Farming, at its core, is an enterprise fraught with uncertainty. Weather calamities, pests, diseases, and fluctuating market conditions can all impact the output and quality of produce. This is where crop insurance proves its worth, serving as a safety net for farmers against the myriad risks they face each season. - read more
Insurance for Hobby Farms: Finding the Right Coverage
Insurance for Hobby Farms: Finding the Right Coverage
Hobby farming has become increasingly popular in Australia, with many individuals and families embracing the joys of growing their own produce, raising livestock, and enjoying a rural lifestyle. Whether it's a small vegetable garden, a few chickens, or a larger mixed farming operation, hobby farms offer both relaxation and a connection to nature. - read more
Future-Proofing the Farm: What Every Tech-Savvy Australian Farmer Needs to Know About Insurance
Future-Proofing the Farm: What Every Tech-Savvy Australian Farmer Needs to Know About Insurance
Welcome to the first steps in future-proofing your farming legacy. When we think about the hustle and bustle of daily farm life, it's easy to overlook the critical importance of estate planning. For the Australian farmer, estate planning is not just a matter of securing your assets; it's about ensuring the survival and progression of your hard-earned labour to the next generation. - read more
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Australian farmers face an array of natural disasters that can threaten livelihoods and disrupt the delicate balance of agricultural ecosystems. From devastating bushfires and droughts to powerful storms and floods, these catastrophic events pose serious risks to the farming community. Understanding and preparing for these forces is not just about survival; it's about building a sustainable future for farms across the continent. - read more
Farm Liability Insurance Costs vs. Benefits: Is It Worth It?
Farm Liability Insurance Costs vs. Benefits: Is It Worth It?
Farm liability insurance is a type of coverage that protects farmers from financial losses due to legal claims and lawsuits. This insurance is crucial for safeguarding your farm against various liabilities that may arise from farm operations. - read more
Protecting Your Herd: The Aussie Farmer's Guide to Livestock Insurance
Protecting Your Herd: The Aussie Farmer's Guide to Livestock Insurance
For Australian farmers, livestock is more than just a vital asset; it's the heartbeat of their livelihood. In a land where the sunburnt plains are as relentless as they are beautiful, protecting your herd isn't just a duty; it's a necessity. That's where livestock insurance comes into play—a shield against the unpredictability of Mother Nature. - read more
What Australian Farmers Should Know About Crop Insurance
What Australian Farmers Should Know About Crop Insurance
Crop insurance is a type of insurance policy designed to protect farmers from the financial losses that arise from damages to their crops. This could be due to various risks, including adverse weather conditions, pests, and diseases. - read more


Need a Quote?
Start your free farm insurance quote comparison here.
Farm Type:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Premium:
The amount paid for an insurance policy, usually on a regular basis, to maintain coverage.