That a select committee, to be known as the Select Committee on the Impact of Climate Risk on Insurance Premiums and Availability, be established to inquire into and report on:

(a) the unaffordability of insurance in some regions due to climate-driven disasters;

(b) the unavailability of insurance for some people due to climate-driven disasters;

(c) the underlying causes and impacts of increases in insurance premiums;

(d) the extent to which increased climate risk is being priced into insurance products not exposed to climate-driven risks;

(e) the distributional impact of increases in insurance premiums across communities, demographics and regions;

(f) the role of governments to implement climate adaptation and resilience measures to reduce risks and the cost of insurance;

(g) how the pricing of risk from climate-driven disasters can be better redistributed across the economy; and

(h) any other related matters.

That the committee present its final report by 19 November 2024.

The resolution establishing the Committee is available in the Journals of the Senate No. 111 – 16 May 2024.