Inquiry into flood response by insurance companies

A parliamentary inquiry into insurers’ responses to 2022 major floods claims has commenced, and those who have been impacted are urged to participate.

Following the floods, our Penrith community last year was declared a natural disaster zone. People who had lost everything in previous floods and rebuilt, lost everything once again.

I’ll never forget the despair of the families and local business owners, nor will I forget how proud I was of our community for coming together to help those in need.

In the aftermath of the floods, people have faced further financial and mental strain as they tried to get their lives back on track by the way their insurer responded.

Some people are having ongoing issues as they go through the insurance process and are still trying to settle claims for damage caused by the floods.

I have heard reports of insurers refusing to pay out claims or policy holders offered settlements less than the insurance value, and insurance premiums skyrocketing. 

This has been very disheartening for those people wanting to do the best they can to try to get on with their lives, and are now struggling with not being covered by insurance at all.

The insurance sector operates with a social licence from the country and how they have responded in the aftermath of the 2022 floods right is rightfully being called into question.

I hope something comes good of this inquiry, such as uncovering the processes people had to communicate with their insurance companies, the time it took to resolve claims, and how disputes were handled.

It is important that all those affected have a chance to tell their story and share their experiences of dealing with insurers. You can make a submission at:

www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/FloodInsuranceInquiry

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