Terms of reference

The House of Representatives Standing Committee on Economics will inquire into matters relating to insurers’ responses to recent natural disasters in Australia and report by 30 September 2024:

1Responses of insurers to the claims resulting from major 2022 floods, including the:

1. south-east Queensland and northern New South Wales (NSW) floods of February and March 2022;
2. Hunter and greater Sydney floods of July 2022;
3. Victorian, NSW and Tasmanian floods of October 2022; and
4. central west NSW floods of November and December 2022.

2The inquiry shall have regard to the following matters in respect of the aforementioned floods:

5. the experiences of policyholders before, during and after making claims;
6. the different types of insurance contracts offered by insurers and held by policyholders;
7. timeframes for resolving claims;
8. obstacles to resolving claims, including factors internal to insurers and external, such as access to disaster-hit regions, temporary accommodation, labour market conditions and supply chains;
9. insurer communication with policyholders;
10. accessibility and affordability of hydrology reports and assessments to policyholders;
11. affordability of insurance coverage to policyholders;
12. claimants’ and insurers’ experiences of internal dispute resolution processes; and
13. the impact of land use planning decisions and disaster mitigation efforts on the availability and affordability of insurance.

3The inquiry shall also have regard to insurer preparedness for future flood events.

4The inquiry will take into consideration findings from other reports such as Deloitte’s external review of insurers’ responses to the 2022 floods, and ASIC’s claims handling review.

* Note - On 3 July 2024 the House of Representatives resolved to extend the reporting date to 18 October 2024.