Flood insurance focus for inquiry

AN inquiry into the insurance cover provided after last year’s floods is now underway.

The Federal Parliament’s House Standing Committee on Economics, which was appointed in 2022, will conduct a survey of flood affected Australians in Victoria, Queensland and New South Wales who submitted insurance claims.

Committee chair and MP for the metro Melbourne seat of Fraser, Dr Daniel Mulino, said it was important people affected by the floods complete the survey.

“Committee members need to have a good understanding of people’s experiences with their insurance companies,” he said.

“Their evidence will inform our discussions throughout the inquiry and help guide our recommendations.”

The inquiry will focus on issues related to claims processing, resolution of disputes, insurance affordability, and the capacity of the insurance industry to cover future flood events.

“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.

The inquiry can be tracked at the House Standing Committee on Economics website and the survey will be available to complete online until 31 October.