The House Standing Committee on Economics has released its report on the inquiry into insurers’ responses to 2022 major floods claims.

Media release issue date: Friday, 18 October 2024

The House Standing Committee on Economics has released its report on the inquiry into insurers’ responses to 2022 major floods claims. The Chair of the committee, Dr Daniel Mulino MP, said the title Flood failure to future fairness reflected “the collective failure by insurers to meet their obligations to policyholders after the 2022 floods, and our hope for a fairer system in the future through the 86 recommendations in this report.” Dr Mulino said that “too many cases were badly mishandled. Inconsistent decision-making meant neighbours received different outcomes after the same event. Long delays caused emotional, mental health and financial strain. More than two years on, many people still can’t go home. Initial offers were often too low, which was especially problematic for cash settlements.” Recommendations in the report include: registration of the General Insurance Code of Practice with ASIC; and that the Code be made enforceable through insurance contracts standardising key terms across all insurance contracts through legislated definitions, including “rainfall runoff”, “storm surge”, “wear and tear” and “lack of maintenance” new regulatory guidance by ASIC to clarify that insurers cannot deny claims based solely on expert reports that do not link the damage observed with the reported cause, including for hydrology and building reports requiring insurers to provide guidance to policyholders on any maintenance obligations up front, and that there be a presumption of coverage in cases where maintenance would be infrequent, costly and highly irregular (for example, stumps) requiring insurers to make a decision on whether to accept or deny a claim within 12 months, and if that doesn’t occur, that they be required to accept the claims in full requiring insurers to report key data on claims management performance to ASIC quarterly and, after a natural disaster, monthly; and that this data be published at the insurer and brand level, along with data on breaches of the Code of Practice. Dr Mulino also highlighted recommendations to address inadequate temporary accommodation arrangements. “At present,” he said, “the maximum guaranteed length often falls short of the actual time it takes to complete the rebuild. The Committee heard heartbreaking stories of families moving from motel to motel at short notice for months, only to end up camping in sheds and backyards after their allowance expired after 12 months – regardless of whether repairs on their home are complete. We believe insurers should, by default, assume the risk of how long it takes to complete works, and to bear the cost of temporary accommodation.” The report also recommends that insurers be required to give at least 3 months’ notice of any changes to their temporary accommodation arrangements. Dr Mulino also noted evidence heard on policy exclusions for pre-existing damage or lack of maintenance applied to parts of a building unobservable by policyholders, such as stumps. “Policyholders often pay premiums for decades with neither the insurer nor the insured knowing the state of the stumps,” he said. “It is understandably frustrating when, after a flood, the floorboards are taken up and an insured person or family is told that they won’t be paid out due to the condition of the stumps. This aspect of coverage almost becomes a lottery,” he said. “The Committee recognises that insurers should not assume the risk of all pre-existing damage, but stumps are an example where too much risk is being placed on households. The Committee recommends that insurers should generally take on this responsibility.” The report also responds to the growing number of uninsurable properties at very high risk. Dr Mulino said “some form of government intervention” would be needed for such properties, and that guiding principles for such intervention include the need for ongoing community and household level mitigation investment, and that no further development should occur in high-risk areas. Specific recommendations include: disclosure of flood risk levels through property conveyancing and rental agreements exploring regulatory mechanisms to discourage banks from financing new housing developments at a 1-in-100 flood risk or higher changes to building codes to boost flood resilience extending the Bushfire Resilience Rating App to flood risk requiring insurers to reduce premiums after household-level mitigation works further development of buyback and resilience programs for the highest-risk properties. Further information on the inquiry as well as a copy of the report can be obtained from the inquiry website. Media enquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au  For more information about the Economics Committee and its flood inquiry, visit its website, where you can read submissions and get details for upcoming public hearings. You can track the committee’s work and receive email updates by clicking on the blue ‘Track Committee’ button on the bottom right-hand side of the page.

The House Standing Committee on Economics will hold a virtual public hearing tomorrow, 30 July, as part of its inquiry into insurers’ responses to 2022 major floods claims.

Media release issue date: Monday, 29 July 2024

The House Standing Committee on Economics will hold a virtual public hearing tomorrow, 30 July, as part of its inquiry into insurers’ responses to 2022 major floods claims: Tuesday 30 July 2024 By videoconference 9.45 am to 3.30 pm The Committee will take evidence from Sydney Water, the Australian Building Codes Board, Standards Australia, Engineers Australia and the NSW Reconstruction Authority. The hearing program has now been published on the inquiry website. A live audio stream of the hearing will be available on the APH website. The hearing is expected to be the final public hearing of the flood insurance inquiry, which commenced in August 2023. Last minute submissions addressing the terms of reference for the inquiry are still being accepted and can be uploaded through this online link or emailed to floodinsurance.reps@aph.gov.au until midnight Wednesday, 31 July 2024. An online survey about individuals’ experiences with their insurer is also still open until midnight 31 July and is available here. More than 600 people have completed the survey to date. The Committee is due to report its findings by 18 October 2024. For further information contact the Committee secretariat on 02 6277 4707 or email floodinsurance.reps@aph.gov.au. Media enquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au For more information about the Economics Committee and its flood inquiry, visit its website, where you can read submissions and get details for upcoming public hearings. You can track the committee’s work and receive email updates by clicking on the blue ‘Track Committee’ button on the bottom right-hand side of the page.

The House Standing Committee on Economics has published the programs for its upcoming public hearings in Cairns and Townsville, Queensland, as part of its inquiry into insurers’ responses to 2022 major floods claims.

Media release issue date: Wednesday, 17 July 2024

The House Standing Committee on Economics has published the programs for its upcoming public hearings in Cairns and Townsville, Queensland, as part of its inquiry into insurers’ responses to 2022 major floods claims. The Cairns hearing will be held in the Catalina Room at the Cairns RSL on Wednesday 24 July, from 9.00 am to 4 pm. The hearing will include evidence from local councils, business associations, community organisations and residents. The Townsville hearing will be held in the Jezzines Function Room at the Townsville RSL on Thursday 25 July, from 9.15 am to 12.30 pm, and will include evidence from Townsville City Council and business associations, with a session for individual statements by residents subject to interest. The hearing programs are available on the inquiry website. For further information contact the Committee secretariat on 02 6277 4707 or email floodinsurance.reps@aph.gov.au. Media enquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au For more information about the Economics Committee and its flood inquiry, visit its website, where you can read submissions and get details for upcoming public hearings. You can track the committee’s work and receive email updates by clicking on the blue ‘Track Committee’ button on the bottom right-hand side of the page.

The House Standing Committee on Economics publishes program for upcoming public hearing in Devonport, Tasmania, as part of inquiry into insurers’ responses to 2022 major floods claims.

Media release issue date: Thursday, 11 July 2024

The House Standing Committee on Economics has published the program for its upcoming public hearing in Devonport, Tasmania, as part of its inquiry into insurers’ responses to 2022 major floods claims. The hearing will be held in the Aberdeen Room at the Paranaple Convention Centre on Wednesday 17 July, from 9.30 am to 1 pm, and will include evidence from local councils, business associations and residents. The hearing program is available on the inquiry website. For further information contact the Committee secretariat on 02 6277 4707 or email floodinsurance.reps@aph.gov.au. Media enquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au For more information about the Economics Committee and its flood inquiry, visit its website, where you can read submissions and get details for upcoming public hearings. You can track the committee’s work and receive email updates by clicking on the blue ‘Track Committee’ button on the bottom right-hand side of the page.

The House Standing Committee on Economics will hold public hearings in Cairns and Townsville, Queensland, as part of its inquiry into insurers’ responses to 2022 major floods claims.

Media release issue date: Wednesday, 10 July 2024

The House Standing Committee on Economics will hold public hearings in Cairns and Townsville, Queensland, as part of its inquiry into insurers’ responses to 2022 major floods claims. Cairns RSL Club, Wednesday 24 July Townsville RSL Club, Thursday 25 July Committee Chair Daniel Mulino MP said the Committee hoped to learn from northern communities’ claims experiences following recent disasters, including cyclones. “We are also interested in evidence of any improvements by the insurance industry since the Deloitte report on insurers’ responses to the 2022 floods and the related 2023 ASIC report on claims handling.” Invitations have been issued to councils, business associations and community groups. Other organisations and individuals that wish to give evidence can email their interest to the Committee secretariat at floodinsurance.reps@aph.gov.au. The Committee is interested in: the experiences of policyholders before, during and after making claims timeframes for resolving claims obstacles to resolving claims insurers’ communication with policyholders accessibility, affordability and quality of hydrology reports and other expert assessments affordability of insurance premiums claimants’ experiences of insurers’ dispute resolution processes. Dr Mulino said it may not be possible to accommodate everyone interested in speaking, but those who miss out “can still make a public or confidential submission, and/or complete our online survey.” More than 600 people have completed the inquiry’s survey about their experience with their insurer. The survey is open until 31 July and is available here. Submissions can be uploaded through this online link or emailed to floodinsurance.reps@aph.gov.au until 31 July 2024. Programs for the Queensland hearings will be posted on the inquiry website closer to the time. A live audio stream of the hearings will be available on the APH website. The Committee’s final public hearing, to be held online in late July, will take evidence from expert and state government bodies. The Committee will report its findings by 18 October 2024. For further information contact the Committee secretariat on 02 6277 4707 or email floodinsurance.reps@aph.gov.au. Media enquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au For more information about the Economics Committee and its flood inquiry, visit its website, where you can read submissions and get details for upcoming public hearings. You can track the committee’s work and receive email updates by clicking on the blue ‘Track Committee’ button on the bottom right-hand side of the page.

The House Standing Committee on Economics will hold a public hearing in Devonport, Tasmania, as part of its inquiry into insurers’ responses to 2022 major floods claims.

Media release issue date: Wednesday, 3 July 2024

The House Standing Committee on Economics will hold a public hearing in Devonport, Tasmania, as part of its inquiry into insurers’ responses to 2022 major floods claims. The hearing will be held at the Paranaple Convention Centre on 17 July. Committee Chair Daniel Mulino MP said he wanted to hear first-hand from local councils, businesses and residents about their experiences. Invitations have been issued to key councils, business associations and community groups. Other organisations and individuals that wish to give evidence can email their interest to the Committee secretariat at floodinsurance.reps@aph.gov.au. The Committee is interested in: the experiences of policyholders before, during and after making claims timeframes for resolving claims ·obstacles to resolving claims insurers’ communication with policyholders accessibility, affordability and quality of hydrology reports and other expert assessments affordability of insurance premiums claimants’ experiences of insurers’ dispute resolution processes. Dr Mulino said it may not be possible to accommodate everyone interested in speaking, but those who miss out “can still make a public or confidential submission, and/or complete our online survey.” More than 600 people have completed the survey about their experience with their insurer. The survey is open until 31 July and is available here. Submissions can be uploaded through this online link or emailed to floodinsurance.reps@aph.gov.au until 31 July 2024. The hearing program will be posted on the inquiry website closer to the time. A live audio stream of the hearings will be available on the APH website. The Committee will next be travelling to Cairns and Townsville in Far North Queensland on 24 and 25 July. For further information contact the Committee secretariat on 02 6277 4707 or email floodinsurance.reps@aph.gov.au. Media inquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au For more information about the Economics Committee and its flood inquiry, visit its website, where you can read submissions and get details for upcoming public hearings. You can track the committee’s work and receive email updates by clicking on the blue ‘Track Committee’ button on the bottom right-hand side of the page.

The House Standing Committee on Economics will hold public hearings in western Sydney, the Hawkesbury and the Central West as part of its inquiry into insurers’ responses to 2022 major floods claims.

Media release issue date: Tuesday, 23 April 2024

The House Standing Committee on Economics will hold public hearings in western Sydney, the Hawkesbury and the Central West from 7–10 May as part of its inquiry into insurers’ responses to 2022 major floods claims. The Committee will hold public hearings at: Cabonne Community Centre, Molong – Tuesday 7 May Eugowra Bowling Club, Eugowra – Wednesday 8 May Richmond Club, Richmond – Thursday 9 May Mantra Parramatta, Parramatta – Friday 10 May Committee Chair Daniel Mulino MP said the inquiry had heard from regulators, insurance companies and consumer advocacy and legal rights groups. “Now we want to hear firsthand from the locals in some of the worst-hit regions.” The Committee has recently held hearings in south-east Queensland, Lismore NSW, Maribyrnong (western Melbourne) and regional Victoria. The Committee will next travel to Molong and Eugowra in central-west NSW, which were devastated by unprecedented flash flooding in November 2022. The Committee will also hear evidence in Richmond from communities along the Hawkesbury-Nepean River, which was hit by back-to-back flood events in February 2020, March 2021, March, April and July 2022 – the worst flood since 1978 – October 2022, and again in April this year. The Committee will then take evidence in Parramatta in western Sydney. Dr Mulino said the Committee will hear from affected councils, community organisations and businesses, which are being invited to give evidence at roundtable discussions. Organisations that wish to contribute can email their interest to the Committee secretariat at floodinsurance.reps@aph.gov.au Expressions of interest are also sought from residents to give a three to four-minute public statement about their experience with their insurers. Dr Mulino urged people “with a story to share, and who are willing to go on the public record, to register – as soon as possible – their interest in appearing”. The Committee would like to hear about any of the following issues: the experiences of policyholders before, during and after making claims timeframes for resolving claims obstacles to resolving claims insurers’ communication with policyholders accessibility, affordability and quality of hydrology reports and other expert assessments affordability of insurance premiums claimants’ experiences of insurers’ dispute resolution processes. People who wish to make a public statement should email a one or two sentence summary of their experience to the Committee secretariat at floodinsurance.reps@aph.gov.au. They should write “Public hearing” and the hearing location (Molong, Eugowra, Richmond or Parramatta) in the subject line and include the full name(s) for each person who wants to participate, as well as a contact number and email address. Dr Mulino said that not everyone may be able to be accommodated on the day. “We know that in some of these places almost everyone has a story to tell. But for anyone who misses out or who wishes to provide information to the Committee, there is still time to make a public or confidential submission, and/or complete our online survey.” More than 400 people have completed the survey about their experience with their insurer. The survey is open until 31 July and is available here. Submissions can be uploaded through this online link or emailed to floodinsurance.reps@aph.gov.au until 31 July 2024. Programs for the hearings will be posted on the inquiry website closer to the time. A live audio stream of the hearings will be available on the APH website. For further information contact the Committee secretariat on 02 6277 4707 or email floodinsurance.reps@aph.gov.au. Public hearings, May 2024: Molong, NSW Date: 7 May 2024 Time: 9am (tbc) Location: Cabonne Community Centre, 98 Bank St, Molong Eugowra, NSW Date: 8 May 2024 Time: 9am (tbc) Location: Eugowra Bowling Club, 5 Hill St, Eugowra Richmond, NSW Date: 9 May 2024 Time: 9am (tbc) Location: Richmond Club, 6 E Market St, Richmond Parramatta, NSW Date: 10 May 2024 Time: 9am (tbc) Location: Mantra Parramatta, 1 Valentine Avenue, Parramatta Media inquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au For more information about the Economics Committee and its flood inquiry, visit its website, where you can read submissions and get details for upcoming public hearings. You can track the Committee’s work and receive email updates by clicking on the blue ‘Track this Committee’ button on the bottom right-hand side of the page.

The House Standing Committee on Economics will hold public hearings in Melbourne and regional Victoria as part of its inquiry into insurers’ responses to 2022 major floods claims.

Media release issue date: Monday, 8 April 2024

The House Standing Committee on Economics will hold public hearings in Melbourne and regional Victoria from 17–19 April as part of its inquiry into insurers’ responses to 2022 major floods claims. The Committee will hold public hearings at: Maidstone Community Centre, Maribyrnong – Wednesday 17 April Rochester Shire Hall, Rochester – Thursday 18 April Heathcote RSL Hall – Friday 19 April Committee Chair Daniel Mulino MP said the inquiry had heard from regulators, insurance companies and consumer advocacy and legal rights groups. “Now we want to hear firsthand from the locals in some of the worst-hit regions.” When the Maribyrnong River flooded on the night of October 13, 2022, it devastated more than 600 homes and businesses across the suburbs of Maribyrnong, Avondale Heights, Kensington and Ascot Vale, and caused tens of millions of dollars in damage. It was the river’s third-worst flood on record – with Maribyrnong bearing the brunt of the damage. Dr Mulino said the hearing on April 17 will hear from affected councils, community organisations and businesses, which have been invited to give evidence at roundtable discussions. Organisations that wish to contribute can email their interest to the Committee secretariat. Expressions of interest are also being sought from residents to give a three to four-minute public statement about their experience with their insurers. Dr Mulino urged people “with a story to share, and who are willing to go on the public record, to register – as soon as possible – their interest in appearing”. The Committee would like to hear about any of the following issues: the experiences of policyholders before, during and after making claims timeframes for resolving claims obstacles to resolving claims insurers’ communication with policyholders accessibility, affordability and quality of hydrology reports and other expert assessments affordability of insurance premiums claimants’ experiences of insurers’ dispute resolution processes. People who wish to make a public statement should email a one or two sentence summary of their experience to the Committee secretariat at floodinsurance.reps@aph.gov.au. They should write “Public hearing” and the hearing location (Maribyrnong, Rochester or Heathcote) in the subject line and include the full name(s) for each person who wants to participate, as well as a contact number and email address. Dr Mulino said that the hearings may not be able to accommodate everybody on the day. “We know that in some of these places almost everyone has a story to tell. But for anyone who misses out or who wishes to provide information to the Committee, there is still time to make a public or confidential submission, and/or complete our online survey.” More than 400 people have completed the survey about their experience with their insurer. Submissions can be uploaded through this online link or emailed to floodinsurance.reps@aph.gov.au until 31 July 2024. Programs for the hearings will be posted on the inquiry website closer to the time. A live audio stream of the hearings will be available on the APH website. Online survey: The survey is open until 31 July and is available here. For further information contact the Committee secretariat on 02 6277 4707 or email floodinsurance.reps@aph.gov.au. Public hearings, April 2024:  Programs will be posted on the inquiry website closer to the time. A live audio stream of the hearings will be available on the APH website. Maribyrnong, Melbourne, Vic Date: 17 April 2024 Time: 9am (tbc) Location: Maidstone Community Centre Rochester, Vic Date: 18 April 2024 Time: 9am (tbc) Location: Rochester Shire Hall Heathcote, Vic Date: 19 April 2024 Time: 9am (tbc) Location: Heathcote RSL Hall Media inquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au Background information Committee Secretariat 02 6277 4707 floodinsurance.reps@aph.gov.au For more information about the Economics Committee and its flood inquiry, visit its website, where you can read submissions and get details for upcoming public hearings. You can track the committee’s work and receive email updates by clicking on the blue ‘Track this Committee’ button on the bottom right-hand side of the page.

The House Standing Committee on Economics has published the programs for its upcoming public hearings in Caboolture, Beenleigh and Lismore on 9–11 April for its inquiry into insurers’ responses to 2022 major floods claims.

Media release issue date: Monday, 8 April 2024

The House Standing Committee on Economics has published the programs for its upcoming public hearings in Caboolture (Moreton Bay), Beenleigh (Logan) and Lismore (northern NSW) on 9–11 April for its inquiry into insurers’ responses to 2022 major floods claims. The hearing programs are available on the inquiry website. Committee Chair Daniel Mulino MP said it was not too late for locals affected by the 2022 floods to register to share their insurance experiences in community statement sessions at each of the hearings. “I encourage anyone interested to contact us as soon as possible about making a statement, but we can also sign people up on the day – subject to available time.” Dr Mulino said priority to speak would be given to locals who had registered in advance. Individuals who want to make a statement at the hearings should email floodinsurance.reps@aph.gov.au. They should write ‘Public hearing’ and the hearing location (whether Caboolture, Logan or Lismore) in the subject line and include full name(s) for each person who wants to participate, as well as a contact number and email address. Anyone is welcome to attend the hearings, and a live audio stream will also be available on the APH website. Submissions Submissions to the inquiry can still be uploaded through this online link or by email to floodinsurance.reps@aph.gov.au until 31 July 2024. Online survey A survey about people’s experiences with insurers following the 2022 floods is open until 31 July and is available here: Insurers’ responses to 2022 major flood claims. For further information contact the Committee secretariat on 02 6277 4707 or floodinsurance.reps@aph.gov.au. Upcoming public hearings, April 2024: Moreton Bay, Qld – local councils, businesses, community organisations and community members Date: 9 April 2024 Time: 9.45 am Location: Caboolture Hub – Seminar Rooms 1 & 2 Level 1, 4 Hasking Street, Caboolture Logan, Qld – local councils, businesses, community organisations and community members Date: 10 April 2024 Time: 12 noon Location: Beenleigh Events Centre, Function Room 2 Kent St, Beenleigh Lismore, NSW – local councils, businesses, community organisations and community members Date: 11 April 2024 Time: 9.00 am Location: Invercauld House, Conference Rooms 3 & 4 163 Invercauld Rd, Goonellabah Media inquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au Background information Committee Secretariat 02 6277 4707 floodinsurance.reps@aph.gov.au For more information about this committee, visit its website. On the site, you can read submissions and get details for upcoming public hearings. You can also track the committee and receive email updates by clicking on the blue ‘Track this Committee’ button in the bottom right-hand side of the page.

The House Standing Committee on Economics will hold public hearings in the Moreton Bay and Logan regions (Queensland) and the Northern Rivers (New South Wales) on 9–11 April as part of its inquiry into insurers’ responses to 2022 major floods claims.

Media release issue date: Wednesday, 27 March 2024

The House Standing Committee on Economics will hold public hearings in the Moreton Bay and Logan regions (Queensland) and the Northern Rivers (New South Wales) on 9–11 April as part of its inquiry into insurers’ responses to 2022 major floods claims. The Committee will hold public hearings at: The Hub, Caboolture, Queensland – Tuesday 9 April Beenleigh Events Centre, Logan, Queensland – Wednesday 10 April Invercauld House, Lismore, New South Wales – Thursday 11 April Committee Chair, Daniel Mulino MP, said the inquiry had heard from regulators, insurance companies and consumer advocacy, and legal rights groups. “Now we want to hear firsthand from the locals in some of the worst-hit regions.” Dr Mulino said that councils, community organisations and businesses had been invited to give evidence at roundtable discussions at the hearings. (Organisations that wish to contribute can email their interest to the Committee secretariat.) Expressions of interest are also being sought from residents to each give a three- to four-minute public statement about their experience with their insurers. Dr Mulino urged people “with a story to share, and who are willing to go on the public record, to register – as soon as possible – their interest in appearing”. The Committee would like to hear about any of the following issues: the experiences of policyholders before, during and after making claims timeframes for resolving claims obstacles to resolving claims insurers’ communication with policyholders accessibility and affordability of hydrology reports and other expert assessments affordability of insurance premiums claimants’ experiences of insurers’ dispute resolution processes. People interested in appearing should email a one or two sentence summary of their experience to the Committee secretariat. Dr Mulino acknowledged that the inquiry may not be able to accommodate everybody on the day. “We know that in some of these places almost everyone has a story to tell. But for anyone who misses out or who wishes to provide information to the Committee, there is still time to make a public or confidential submission, and/or complete our online survey.” More than 400 people have completed the survey about their experience with their insurer. Individuals who want to make a statement at the hearings should email floodinsurance.reps@aph.gov.au. They should write “Public hearing” and the hearing location (whether Caboolture, Logan or Lismore) in the subject line and include full name(s) for each person who wants to participate, as well as a contact number and email address. Submissions can be uploaded through this online link or by email to floodinsurance.reps@aph.gov.au until 31 July 2024. Programs for the hearings will be posted on the inquiry website closer to the time. A live audio stream of the hearings will be available on the APH website. Online survey The survey is open until 31 July and is available here: Insurers’ responses to 2022 major flood claims. For further information contact the Committee secretariat on 02 6277 4707 or floodinsurance.reps@aph.gov.au. Upcoming hearings, April 2024: Public Hearing – Moreton Bay, Qld – local councils, businesses, community organisations and community members Date: 9 April 2024 Time: 9am (tbc) Location: The Hub, Caboolture Public Hearing – Logan, Qld – local councils, businesses, community organisations and community members Date: 10 April 2024 Time: 9am (tbc) Location: Beenleigh Events Centre Public Hearing – Lismore – local councils, businesses, community organisations and community members Date: 11 April 2024 Time: 9am (tbc) Location: Invercauld House, Goonellabah Media inquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au Background information Committee Secretariat 02 6277 4707 floodinsurance.reps@aph.gov.au For more information about this committee, visit its website. On the site, you can read submissions and get details for upcoming public hearings. You can also track the committee and receive email updates by clicking on the blue ‘Track this Committee’ button in the bottom right-hand side of the page.

The House Standing Committee on Economics has announced new public hearings as part of its inquiry into insurers’ responses to 2022 major floods claims.

Media release issue date: Thursday, 14 March 2024

The House Standing Committee on Economics has announced new public hearings as part of its inquiry into insurers’ responses to 2022 major floods claims. In March, the Committee will wrap up hearing from insurers and reinsurers. It will also hear from key departments and agencies, including Treasury, the National Emergency Management Agency and the Australian Competition and Consumer Commission. The Committee is also announcing today its high-level schedule for planned hearings in April and May at some of the regions worst affected by the 2022 major floods, including Brisbane, Lismore, Sydney, the Hawkesbury, Eugowra, Molong, Melbourne, Rochester and Heathcote. Committee Chair Daniel Mulino MP said ‘We are entering the critical second phase of this inquiry, where we want to hear firsthand about the floods’ impact on communities, and the experiences of local residents and businesses going through the claims process with their insurers. ‘One of our priorities for these hearings will be organising roundtables and community statements, where we want to hear directly from people on the ground about their experiences with the insurance industry after the floods. ‘A number of these affected towns have been hit again by floods since 2022, and the Committee will be looking to see if insurers’ handling of claims has improved.’ Further details about the regional hearings and attendance options will be released closer to the date. Dr Mulino said there is also time for people and organisations to make a public or confidential submission, through this online link. Impacted individuals are encouraged to submit before 31 July 2024. More than 400 people have already provided feedback about their experience with their insurer through an online survey, which will also remain open until 31 July 2024. The Committee encourages affected individuals to complete the survey. March 2024 Public Hearing – Swiss Re, Treasury, the National Emergency Management Agency, Lloyds Date: 15 March 2024 Time: 11.00am to 6.30pm Location: Videoconference Public Hearing – Mr John Trowbridge, ACCC, Auto & General Date: 22 March 2024 Time: 9.30am to 2.45pm Location: Videoconference Programs for the hearings will be made available on the inquiry website. A live video stream will also be available on the APH website. April–May 2024 Public Hearings and Site Visits – Local Councils, Community Groups, Residents & Businesses Dates: (TBC) April 2024 Locations: Brisbane, Lismore Public Hearings and Site Visits – Local Councils, Community Groups, Residents & Businesses Dates: (TBC) April 2024 Locations: Metro Melbourne, Rochester, Heathcote Public Hearings and Site Visits – Local Councils, Community Groups, Residents & Businesses Dates: (TBC) May 2024 Locations: Molong, Eugowra, the Hawkesbury, Parramatta Further details to be confirmed. These indicated dates and locations may be subject to change. Media inquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au For background information Committee Secretariat 02 6277 4707 floodinsurance.reps@aph.gov.au For more information about this committee, visit its website. On the site, you can read submissions, and get details for upcoming public hearings. You can also track the committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right-hand side of the page.

The House Standing Committee on Economics will hold its first public hearings as part of its inquiry into insurers’ responses to claims resulting from the major floods in 2022.

Media release issue date: Tuesday, 30 January 2024

The House Standing Committee on Economics will hold its first public hearings over the next four weeks as part of its inquiry into insurers’ responses to claims resulting from the major floods in 2022. Many thousands of people were affected by the floods all along the east coast – from south-east Queensland down to Tasmania. The trauma is continuing for many people – with delays in being rehoused just one issue. A number of the affected towns were also hit again by floods over the recent Christmas/New Year period, compounding the trauma. The inquiry is considering the experiences of people in dealing with their insurance company and the challenges that insurers faced in responding to a record number of claims.   The inquiry’s Terms of Reference cover the floods in south-east Queensland and northern NSW in February and March; in greater Sydney and the Hunter Valley in July; in Victoria, NSW and Tasmania in October; and in the central west of NSW in November and December. Committee Chair, Dr Daniel Mulino MP, is familiar with many of the issues people have faced when making insurance claims and dealing with their insurer. “Maribyrnong is a riverside suburb in my electorate of Fraser, and it was hit hard by the October 2022 flood. More than 500 homes and businesses were flooded and I and my staff are continuing to advocate for residents who are still trying to resolve issues with their insurer,” said Dr Mulino. The Committee has received numerous submissions – including from consumer advocacy groups that worked closely with policyholders and insurers following the floods; regulators; local councils; and more. “Many of the submissions articulate the struggles that residents faced, including long delays in damage assessments and repairs, claims being denied because of ‘wear and tear’ exclusions, inadequate cash settlements and poor communication, which all compounded people’s frustrations,” Dr Mulino said. “The Committee is looking forward to hearing all the evidence.” “Given the increasing frequency of natural disasters, it is critical that the insurance industry remains robust to withstand these challenges, and that policyholders can be confident that they will be properly supported in future claims regardless of their insurer.” So far, 391 people have also provided feedback about their experience with their insurer through an online survey, which will remain open for the duration of the inquiry. The Committee encourages affected individuals to complete the survey. There is also time for people and organisations to make a submission to the inquiry through this online link. Australia’s eight largest insurers have also lodged submissions, which have provided insights into how prepared each insurer was to deal with the record number of flood-related claims made in 2022; the measures taken to improve their preparedness for weather-related claims; and the effects of skills, labour and materials shortages on handling claims. The Committee looks forward to questioning the insurers further on these matters. The first public hearing, involving consumer groups, will be held on Wednesday, 31 January. Public hearing – Consumer groups Date: 31 January 2024 Time: 9.30am to 4.30pm (AEDT) Location: Videoconference Public hearing – Consumer groups Date: 1 February 2024 Time: 9.30am to 3.00pm (AEDT) Location: Videoconference Public hearing – Regulators (Australian Securities and Investments Commission, Australian Prudential Regulation Authority) Date: 2 February 2024 Time: 9.30am to 12.45pm (AEDT) Location: Videoconference Public hearing – Insurance Council of Australia, Major insurers Date: 5 February 2024 Time: 9.15am to 4.30pm (AEDT) Location: Committee Room 2R1, Parliament House Public hearing – Major insurers Date: 9 February 2024 Time: 1.30pm to 4.45pm (AEDT) Location: Committee Room 2R1, Parliament House Public hearing – Major insurers, Australian Financial Complaints Authority Date: 21 February 2024 Time: 10.00am to 3.30pm (AEDT) Location: Videoconference Public hearing – the General Insurance Code Governance Committee, Reinsurers Date: 23 February 2024 Time: 9.15am to 4.30pm (AEDT) Location: Videoconference Programs for the hearings are available on the inquiry website. A live video stream will also be available on the APH website. Media inquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au For background information Committee Secretariat 02 6277 4707 floodinsurance.reps@aph.gov.au For more information about this committee, visit its website. On the site, you can read submissions, and get details for upcoming public hearings. You can also track the committee and receive email updates by clicking on the blue ‘Track this Committee’ button in the bottom right-hand side of the page.

The response of the insurance industry to major flood events across Australia in 2022 will be the focus of a new inquiry by the House Standing Committee on Economics.

Media release issue date: Thursday, 31 August 2023

The response of the insurance industry to major flood events across Australia in 2022 will be the focus of a new inquiry by the House Standing Committee on Economics. The inquiry will take a whole-of-economy view of the ongoing challenges caused by intense and frequent flood events. In particular, the inquiry will look at insurers’ responses to the 2022 flood events in south-east Queensland and northern NSW during February and March; the floods in greater Sydney and the Hunter in July; the October floods in Victoria, NSW and Tasmania; and the floods in November and December in the central west of NSW. The inquiry will focus on a range of issues, including: Timeframes for resolving claims; Obstacles to resolving claims; Communication with people lodging claims; The effectiveness of internal dispute resolution processes; The accessibility and affordability of hydrology reports and assessments; The affordability of insurance cover; and The preparedness of insurance companies for future major floods. The chair of the committee, Dr Daniel Mulino MP, said: “The aftermath of intense natural disasters continues to have a huge impact on the lives of Australians - in rural and regional communities and in metropolitan areas. “People in my electorate of Fraser were devastated when the Maribyrnong River flooded in October. I spent the following days door knocking, making sure residents were safe and that they had been able to claim disaster payments from Services Australia. I will never forget the despair of the families and local business owners who lost everything. “My staff are still advocating for affected residents who have outstanding claims with their insurance companies. Meanwhile, they are also trying to rebuild their lives, which is difficult when claims haven’t been settled.” To kick off the inquiry, an online survey has been launched to hear from people who were affected by the major floods. “It is really important that people participate in the survey,” Dr Mulino said. “Committee members need to have a good understanding of people’s experiences with their insurance companies. Their evidence will inform our discussions throughout the inquiry and help guide our recommendations.” From an insurance perspective, the 2022 floods were some of the costliest in the nation’s history. “This is why it is also critical that we engage with the insurance industry and understand the effect of supply chain issues, skills and labour shortages on responding to claims; how insurers communicate with their policy holders in difficult times; and their preparedness for future events,” Dr Mulino said. In addition to the online survey, available here, the committee will also accept submissions that address the Terms of Reference until 31 October 2023. Submissions can be made online. Further information about the committee’s inquiry, including the full terms of reference, details on how to participate in the survey or make a submission, are on the inquiry’s website. Media inquiries Committee Chair Dr Daniel Mulino MP 02 6277 4311 Daniel.Mulino.MP@aph.gov.au For background information Committee Secretariat 02 6277 4707 floodinsurance.reps@aph.gov.au For more information about this committee, visit its website. On the site, you can read submissions, and get details for upcoming public hearings. You can also track the committee and receive email updates by clicking on the blue ‘Track this Committee’ button in the bottom right-hand side of the page.