Flood insurance inquiry to focus on Far North Queensland next week
Committee Chair Daniel Mulino MP outlined that this was an opportunity to learn more about the claims experiences of communities from the region.
The House Standing Committee on Economics will conduct public hearings in regions of Far North Queensland next week as part of its ongoing Inquiry into insurers' responses to major flood claims in 2022.
The public hearings will be held in Cairns RSL Club on 24 July and the Townsville RSL Club on 25 July. The visit to Far North Queensland continues the focus of the Inquiry to get a firsthand impact of the floods from some of the worst-hit regions.
Committee Chair Daniel Mulino MP outlined that this was an opportunity to learn more about the claims experiences of communities from the region. The Inquiry is also keen to hear about any improvements made by the insurance industry in the aftermath of the floods.
“We are also interested in evidence of any improvements by the insurance industry since the Deloitte report on insurers’ responses to the 2022 floods and the related 2023 ASIC report on claims handling,” said Committee Chair Daniel Mulino.
The Committee is interested in hearing about a number of issues and experiences. Some of these include:
- the experiences of policyholders before, during and after making claims
- timeframes for resolving claims
- obstacles to resolving claims
- insurers’ communication with policyholders
- accessibility, affordability and quality of hydrology reports and other expert assessments
- affordability of insurance premiums
- claimants’ experiences of insurers’ dispute resolution processes.
The Inquiry website will provide programs for the hearings closer to the date, and a live audio stream will be available on the Parliament House website for public access.
The Inquiry is nearing the end of the public hearing process. The final set of public hearings are set to occur later this month, where the Committee will hear from expert and state government bodies.
A final report by the Committee is expected to be handed down by 18 October 2024.