On the 18th of October 2024, the House of Representatives Standing Committee on Economics handed down a report on the insurers’ response to the 2022 floods. During the process of completing this report, the Committee sought submissions from the major insurers, key regulators, consumer groups and impacted members of the public. The Committee held public hearings in Canberra involving the CEOs of insurers, regulators and key consumer groups. The Committee also held around 15 days of public hearings in communities affected by the 2022 floods and the subsequent declared events. The report’s recommendations cover claims handling, regulatory arrangements and insurance affordability/access for high-risk households and businesses.
Key Takeaways
- Understand the numerous recommendations relating to claims handling, regulatory arrangements and the accessibility and affordability of insurance for high-risk households.
- Explain the considered changes that intend to strengthen the General Insurance Code of Practice, including recommendations contained in the Code Review Committee’s Interim Report.
Speakers
Dr Daniel Mulino MP, Federal Member for Fraser