Inquiry Into Insurers' Response to the 2022 Floods
1st August 2023
Commonwealth Assistant Treasurer Stephen Jones and Member for Calare Andrew Gee have announced a parliamentary inquiry into insurers’ response to the 2022 floods. The announcement followed visits to the flood-affected central west NSW towns of Molong, Eugowra, and Cudal.
The inquiry will take a whole-of-economy view of challenges faced by the intense and frequent flood events.
It will investigate the preparedness of insurers to respond to the frequency of these events, and consider supply chain issues, skills, labour shortages, claims handling, and communication with policy holders.
The 2022 floods in South-East Queensland and NSW are the costliest natural disaster for insurance costs in Australian history. As of June 2023, the ICA estimated the February-March 2022 floods in South-East Queensland and NSW caused $5.87 billion in insured damages.
In April this year the Insurance Council of Australia commissioned its own independent review of insurers’ responses to the February-March 2022 floods, known as the CAT221 event, which is due for release in October.
