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

Markel Introduces Tailored Professional Indemnity Insurance for Australian Businesses
Markel Introduces Tailored Professional Indemnity Insurance for Australian Businesses
16 Jan 2026: Paige Estritori
In a significant development for the Australian insurance market, Markel, a US-based specialty insurer, has launched professional indemnity (PI) insurance products tailored specifically for Australian businesses. This strategic move comes in response to a notable reduction in PI insurance capacity over recent years, leaving many professionals seeking reliable coverage options. - read more
APRA Data Highlights Rising Costs in Public Liability and Professional Indemnity Insurance
APRA Data Highlights Rising Costs in Public Liability and Professional Indemnity Insurance
16 Jan 2026: Paige Estritori
The Australian Prudential Regulation Authority (APRA) has released its latest National Claims and Policies Database (NCPD) statistics, shedding light on the escalating costs associated with public liability and professional indemnity (PI) insurance in Australia. The data indicates a substantial rise in premiums and claims expenses, posing financial challenges for businesses across various sectors. - read more
Gallagher Warns Builders of Legal Changes Affecting Professional Indemnity Insurance in NSW
Gallagher Warns Builders of Legal Changes Affecting Professional Indemnity Insurance in NSW
16 Jan 2026: Paige Estritori
Insurance broker Gallagher has issued a cautionary note to builders in New South Wales (NSW) regarding significant legal changes that are reshaping professional indemnity (PI) insurance requirements. These developments stem from the state's Design and Building Practitioners Act 2020 (DBP Act) and a pivotal High Court ruling in the Pafburn strata defects case. - read more
Queensland Strata Owners Urged to Act on Cyclone Mitigation Measures for Insurance Savings
Queensland Strata Owners Urged to Act on Cyclone Mitigation Measures for Insurance Savings
16 Jan 2026: Paige Estritori
Strata property owners in North and Central Queensland are being encouraged to take advantage of new federal and state initiatives designed to reduce insurance premiums through approved cyclone mitigation activities. Following regulatory updates to the Cyclone Reinsurance Pool effective April 1, strata buildings in eligible regions can now receive insurance premium reductions when undertaking structural reinforcements such as storm-resistant windows, upgraded roofing, and compliant external doors. - read more
Allianz Australia Penalised for Misleading Travel Insurance Information
Allianz Australia Penalised for Misleading Travel Insurance Information
15 Jan 2026: Paige Estritori
In a significant ruling, the Supreme Court of New South Wales has imposed fines totaling $16.8 million on Allianz Australia Insurance and its subsidiary, AWP Australia, for disseminating misleading information about their travel insurance products between 2016 and 2018. This decision underscores the critical importance of transparency and accuracy in the insurance sector. - read more
Surge in Medical Claims Among Australian Travellers Highlights Importance of Comprehensive Insurance
Surge in Medical Claims Among Australian Travellers Highlights Importance of Comprehensive Insurance
15 Jan 2026: Paige Estritori
In 2024, medical incidents emerged as the leading cause of travel insurance claims among Australian travellers, accounting for more than 40% of all claims handled by nib Travel. This trend underscores the critical importance of securing comprehensive travel insurance to mitigate the financial risks associated with medical emergencies abroad. - read more
Seafood Business Wins Insurance Dispute Over Storm-Induced Power Outage
Seafood Business Wins Insurance Dispute Over Storm-Induced Power Outage
15 Jan 2026: Paige Estritori
A recent ruling by the Australian Financial Complaints Authority (AFCA) has significant implications for businesses seeking insurance compensation for losses due to power outages caused by natural disasters. In this case, a seafood distribution company experienced substantial stock losses when a storm-induced power outage left its refrigeration systems inoperable for a week. The insurer initially denied the claim, citing a flood exclusion clause. - read more
Insurance Council Advocates for Liability Law Overhaul to Curb Rising Premiums
Insurance Council Advocates for Liability Law Overhaul to Curb Rising Premiums
15 Jan 2026: Paige Estritori
The Insurance Council of Australia (ICA) has called for urgent reforms to civil liability laws to address the escalating costs of liability insurance premiums affecting businesses nationwide. In a recently released white paper, the ICA highlights the need to review state-based civil liability laws that have remained unchanged for nearly 25 years. The report identifies key areas requiring attention, including psychological injuries, worker-to-worker claims, and leisure and recreational risks. - read more
Australian Insurers See Profit Surge in Q3 2025
Australian Insurers See Profit Surge in Q3 2025
14 Jan 2026: Paige Estritori
In the third quarter of 2025, Australian general insurers reported a significant after-tax profit of nearly AUD 2.3 billion, marking an increase from approximately AUD 2.1 billion in the same period of 2024. This uptick reflects a combination of rising premium revenues and a reduction in claims, contributing to the industry's robust financial performance. - read more
Navigating the Escalating Insurance Risks for Australian Businesses
Navigating the Escalating Insurance Risks for Australian Businesses
14 Jan 2026: Paige Estritori
Australian businesses are currently navigating a complex landscape of escalating insurance risks, influenced by factors such as increased litigation, technological advancements, supply chain disruptions, and climate-related events. These challenges necessitate a proactive approach to risk management and insurance coverage. - read more


Farm Insurance Articles

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
Proven Strategies for Australian Farmers to Reduce Farm Insurance Premiums
Proven Strategies for Australian Farmers to Reduce Farm Insurance Premiums
Welcome to our comprehensive guide on navigating the complexities of farm insurance for Australian farmers. As an integral part of the agricultural industry, insurance provides a safety net that helps secure the livelihood of farmers against unpredictable events that can lead to financial hardship. From property damage due to natural disasters to loss of livestock or crops, having adequate farm insurance can make all the difference in keeping a farming operation afloat in times of crisis. - read more
Customized Insurance Solutions: The Advantage of Specialized Farm Brokers
Customized Insurance Solutions: The Advantage of Specialized Farm Brokers
Farming in Australia is more than just a way of life; it is a critical sector that supports the nation’s economy and food supply. However, managing a farm comes with its own set of unique risks. From natural disasters to equipment failures, farmers face numerous challenges that can impact their livelihood. - 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
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
How to Safeguard Your Farm: A Guide for Australian Farmers
How to Safeguard Your Farm: A Guide for Australian Farmers
Farming is inherently risky. With factors like weather, pests, and market fluctuations affecting crops, it's crucial to manage these risks effectively. - read more
Risk Management and Insurance Options for Farmers
Risk Management and Insurance Options for Farmers
Risk management is the practice of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events. In farming, risk management involves various strategies to protect the financial health and operational stability of the farm. - read more
Tractors, Livestock, and Crops: Tailoring Your Farm Insurance to Fit Your Needs
Tractors, Livestock, and Crops: Tailoring Your Farm Insurance to Fit Your Needs
Welcome to the world of farming, where the fruits of your labor are as tangible as the soil you till. But just as the land is subject to the whims of nature, so too is the business of agriculture. This is where farm insurance becomes essential. Farmers face a set of challenges and uncertainties unlike any other industry, primarily due to the unpredictable forces of weather. - read more
Agroforestry Insurance Guide: Protecting Your Investment in Australia's Sustainable Future
Agroforestry Insurance Guide: Protecting Your Investment in Australia's Sustainable Future
Agroforestry is a transformative approach to land management that integrates trees into agricultural landscapes. In Australia, where farmers contend with variable climates and environmental challenges, agroforestry offers a resilient pathway to productivity and sustainability. - read more
The Modern Farmer's Checklist for Assessing Farm Equipment Insurance Needs
The Modern Farmer's Checklist for Assessing Farm Equipment Insurance Needs
As the backbone of Australian agriculture, farm equipment plays an essential role in day-to-day operations across our expansive and diverse landscapes. From the vast wheat belts to the tropical fruit farms, machinery ensures efficiency and productivity in the face of constant challenges. But with reliance on such equipment comes significant risk—the financial burden of damage or loss can be devastating to a farmer's livelihood. - 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
Term Life Insurance:
A life insurance that provides a cover for a specific period of time - usually one to five years or until the insured reaches age 65 or 70.