Farm Insurance NZ
When questioned about the Insurance Council of Australia's proposal for a $30 billion flood defence fund, Mr Minns acknowledged the significant financial commitment required. However, he emphasized the immediate need for insurers to honor claims swiftly, citing long processing times as unacceptable. A key example was highlighted by reports of Taree businesses only recently settling claims from 2021.
With the Insurance Council of Australia reporting that claims have reached 7014, it has established service hubs in Taree and Port Macquarie. CEO Andrew Hall noted the importance of face-to-face support in the wake of large-scale events and affirmed the industry's ongoing commitment to deploying resources to the region. He also updated Prime Minister Anthony Albanese on the industry's efforts.
During a discussion on the issue, Federal Financial Services Minister Daniel Mulino, who chaired the inquiry into last year’s floods, pointed out that although most claims are settled within a year, many people experience longer delays. He advocated for better tracking and reporting on protracted claims, suggesting the appointment of a consumer advocate who would escalate such cases.
The inquiry recommendations are partly being addressed in the General Insurance Code of Practice review. Mulino emphasized the need for standardized definitions, especially for water damage, to eliminate confusion among consumers.
Furthermore, NSW has engaged former deputy police commissioner David Owens as the recovery coordinator for the affected regions. As assessments continue, the state government reported that 8406 evaluations were conducted, with over a thousand buildings deemed uninhabitable. A significant number of properties are yet to be assessed, highlighting the scope of the recovery challenge.
Reflecting on the situation, Premier Minns stressed the importance of learning from past flood events, such as those in Lismore, to guide planning and reduce future risks. He underscored the necessity of avoiding development in high-risk areas, though noting the immediate reality for those currently affected.
Published:Friday, 30th May 2025
Source: Paige Estritori
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