Committee to hear from affected communities and agencies in flood insurance inquiry

The House Standing Committee on Economics has announced a new batch of public hearings in April and May, as it continues its Inquiry into insurers’ responses to major flood claims in 2022.

The House Standing Committee on Economics has announced a new batch of public hearings in April and May, as it continues its Inquiry into insurers’ responses to major flood claims in 2022. These hearings aim to delve into the experiences of affected communities and key agencies involved in the aftermath of the floods.

In March, the Committee concluded its initial hearings with insurers and reinsurers, shifting its focus to engage with crucial departments and agencies such as Treasury, the National Emergency Management Agency, and the Australian Competition and Consumer Commission. You can read more about the outcomes from some of initial hearings in our prior coverage here.

Committee Chair Daniel Mulino MP emphasised the importance of this upcoming second phase.

“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,” he said.

The upcoming hearings, scheduled across regions severely affected by the 2022 major floods, including Brisbane, Lismore, and Sydney, aim to provide a platform for affected individuals to share their experiences directly. Mulino highlighted the Committee's intention to organise roundtables and community statements to gather insights into the insurance industry's response post-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,” he said.

Furthermore, the Committee has extended an invitation for public and confidential submissions, accessible through an online link, with a deadline of July 31, 2024. Individuals impacted by the floods are encouraged to share their experiences and perspectives. The Committee urges affected individuals to participate to contribute to the Inquiry process.

As the Inquiry progresses, it underscores the commitment to understanding the challenges faced by communities and businesses in navigating the insurance claims process post-floods, with the aim of fostering improvements and resilience in the future.