Thursday, 7 September 2023

Insurance Council of Australia (ICA) and insurers will be in Melbourne and towns across northern Victoria in September to assist communities impacted by last year’s floods with their insurance claims.

It will be the fifth community consultation held in the region by the ICA and insurers since the October floods that devastated communities across three states. The ICA also held separate consultations in Echuca at the end of last year.

Since the flood event, more than 11,000 claims have been lodged in Victoria alone, totaling $473 million. This includes around 5,600 home property claims, 2,500 home contents claims and 752 motor vehicle claims.

The flood impacted communities across New South Wales, Tasmania and Victoria, resulting in more than 33,000 claims and costing $736 million in insured losses.
Close to 80 per cent of all claims from this flood event are now closed, which is on trend for closure rates for events of this type.

Event details:

MARIBYRNONG
Tuesday 19 September 10am to 6pm
Maidstone Community Centre
21 Yardley Street, MAIDSTONE, VIC 3012

MOOROOPNA
Wednesday 20 September 12pm to 6pm
Sir Ian McLennan Centre
MOOROOPNA, ,VIC 3629

MOAMA
Thursday 21 September 10am to 6pm
Moama RSL
56 Merool Road, MOAMA, NSW 2731

ROCHESTER
Friday 22 September 10am to 6pm
Rochester Community House (next to the Rochester Shire Hall)
43 Mackay Street, ROCHESTER, VIC 3561

ROCHESTER
Saturday 23 September 10am to 6pm
Rochester Community House (next to the Rochester Shire Hall)
43 Mackay Street, ROCHESTER, VIC 3561

The in-person customer meetings are an opportunity for customers to discuss their claim, and to work through any issues they may be experiencing with their insurer at a time that suits.

Policyholders from surrounding areas are also encouraged to book an appointment. To check appointment availability and to book go to insurancecouncil.com.au/Bookings

Comment attributable to Andrew Hall, CEO Insurance Council of Australia:

We’ve seen first-hand the destruction and devastation of these floods and know that communities and businesses are still on the road to recovery.

These community consultations are an invaluable way to provide customers with on-the-ground and face-to-face opportunities to engage with their insurer on the issues that matter.

The Insurance Council of Australia will continue to fiercely advocate for continued investment in risk reduction and mitigation, to reduce the risk and impact of future flooding on families.

Monday, 14 August 2023

The Insurance Council of Australia (ICA) today welcomed two new reports from the Actuaries Institute which identify the impact of extreme weather to help make better decisions to enhance the country’s resilience and stabilise insurance premiums. 

The reports, Home Insurance Affordability Update and Funding for Flood Costs: Affordability, Availability and Public Policy Options, explore the events and costs of extreme weather events in 2022 that resulted in almost $7 billion in insured losses. 

Data shows that 2022 was the costliest year on record for Australian insurers, with nearly $6 billion of insured losses alone resulting from the February and March floods in South-East Queensland and Northern New South Wales – the second-costliest extreme weather event for insured losses globally last year. 

The findings amplify the urgency of this issue for governments, and clearly identifies that only government investment and policy intervention to lower risk will help to manage insurance affordability. 

The Actuaries Institute reports recommend measures such as ongoing investment in effective risk reduction initiatives, such as enhancing flood mapping and moving people out of harm’s way, and reforming insurance-based taxes. 

Right now, stamp duty and other state taxes on insurance can add ten to 40 per cent to the cost of a premium depending on the state or territory. NSW is the worst state for insurance taxes, with the additional Emergency Services Levy adding around 18 per cent to home insurance premiums.  

The report echoes call from the Insurance Council to reform land-use planning and strengthen building codes so all new homes are built to withstand the impacts of climate change. 

Comment attributable to Andrew Hall, CEO Insurance Council of Australia:  

These two reports from the Actuaries Institute are further proof of the urgency of reducing risk for communities exposed to extreme weather through greater government investment and action. 

Insurers understand that people are hurting right now as cost of living pressures weigh heavy on monthly budgets, which is why addressing insurance affordability is a critical issue for our industry. 

State governments in particular can provide immediate relief on insurance costs by reforming their insurance taxes.  

With responsibility for land use planning, state governments must also urgently change our approach to what we build and where we build it so future homeowners are not left stranded without insurance cover.