Cyber Insurance Online :: News
SHARE

Share this news item!

Insurers Under Fire: Melbourne Floods Reveal Gaps and Mismatches

Insurers Under Fire: Melbourne Floods Reveal Gaps and Mismatches

Insurers Under Fire: Melbourne Floods Reveal Gaps and Mismatches?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Residents from western Melbourne have voiced sharp disapproval of insurance companies at the recent federal inquiry hearings held in Maribyrnong, citing significant grievances post the 2022 floods.

Madeleine Serle, Chair of the Maribyrnong Community Recovery Association, described the industry's response to the floods that hit in October and November 2022 as “unacceptably poor,” underscoring a severe letdown in expected assistance.

“It became evident fairly quickly in Maribyrnong that the very people who were supposed to assist us had utterly failed,” Serle asserted.

“The delays we faced seemed purposeful, alongside layers of confusion and inefficiency. Tasks that needed completion didn’t see the light of day, documentation vanished into thin air, and work scopes were altered in misleadingly frequent manners.

“I’ve never observed such a dysfunctional mix in any business sector. The rampant chaos, disorganization, resource misallocation, and mismanagement of subcontractors were beyond belief.”

Wennie van Riet, leading the Mental Health and Wellbeing Project at GenWest, highlighted the complexity of understanding insurance policies, which many customers found to be written in overly complicated jargon. “Policy terms are often presented in a manner only those with specialized higher education could decipher,” van Riet critiqued.

She emphasized that educating policyholders and better disaster preparedness could significantly improve their experiences and outcomes.

Another focal point was the issue of inadequate cash settlements. Various community groups have advocated for insurers to alter their methods.

“Insurers need to carefully assess whether individuals can sufficiently handle cash settlements and the ensuing project management risks,” Anglicare Victoria Financial Counsellor Kathryn Swinton explained. “It’s imperative that people understand taking cash places the project management responsibility squarely on their shoulders.”

Concerns about flood insurance affordability were also brought to the forefront. Moonee Valley Mayor Pierce Tyson reported staggering premium hikes by 50% since the flooding occurred.

“We worry that properties in Maribyrnong could become uninsurable-not in the distant future, but maybe even soon,” Tyson cautioned.

The Maribyrnong hearing marked the start of a series of three such inquiry sessions in Victoria.

Published:Thursday, 16th May 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Significant Reduction in Farm Liability Claims Reflects Enhanced Safety Practices
Significant Reduction in Farm Liability Claims Reflects Enhanced Safety Practices
25 Jan 2026: Paige Estritori
Recent data from WFI Insurance indicates a substantial 75% decrease in farm liability claims over the past year, suggesting that Australian farmers are adopting more effective safety measures. This decline is particularly notable in incidents involving falls from height, which have reached their lowest level in four years. - read more
Heightened Road Risks During Holiday Season Due to Increased Freight Traffic
Heightened Road Risks During Holiday Season Due to Increased Freight Traffic
25 Jan 2026: Paige Estritori
As Australia enters the summer holiday season, insurers and transport specialists are raising alarms about heightened road risks resulting from the convergence of increased freight activity and holiday travel. This period sees a significant uptick in both passenger vehicles and heavy trucks on the roads, amplifying the potential for accidents and safety incidents. - read more
Celebrating Excellence: 2025 National Trucking Industry Award Winners
Celebrating Excellence: 2025 National Trucking Industry Award Winners
25 Jan 2026: Paige Estritori
The Australian Trucking Association (ATA) has proudly announced the recipients of the 2025 National Trucking Industry Awards, recognizing outstanding contributions and achievements within the sector. These awards highlight the dedication and excellence of individuals and organizations that drive the industry forward. - read more
Australian Insurers Achieve $6.1 Billion Profit in 2024
Australian Insurers Achieve $6.1 Billion Profit in 2024
25 Jan 2026: Paige Estritori
In 2024, Australia's insurance industry recorded an after-tax profit of $6.1 billion, a significant increase from the five-year average of $2 billion. This surge is primarily attributed to substantial premium hikes and a reduction in severe weather events. - read more
Premiums Decline in Australian Construction Insurance Market
Premiums Decline in Australian Construction Insurance Market
25 Jan 2026: Paige Estritori
Australia's construction insurance market has entered a softer phase in 2025, with premiums decreasing across various lines due to heightened competition among insurers. According to Marsh's Construction Insurance Market Update 2025, premium reductions averaged between 5% and 15% in the first half of the year. - read more
Click for more Insurance News


Cyber Insurance Articles

Cyber Insurance: Safeguarding Your Business Assets and Reputation in the Digital Age
Cyber Insurance: Safeguarding Your Business Assets and Reputation in the Digital Age
Cyber Insurance is a type of insurance policy that protects businesses against internet-based risks and threats. This policy covers damages and losses caused by cyber attacks, such as theft of customer information, network downtime, and damage to reputation. - read more
The Essential Guide to Cyber Insurance for Australian Businesses
The Essential Guide to Cyber Insurance for Australian Businesses
Cyber insurance is a type of insurance designed to protect businesses from internet-based risks and, more generally, from risks relating to information technology infrastructure and activities. It covers losses related to data breaches, cyber extortion, and other kinds of cyber attacks. - read more
Cyber Security Checklists: Keeping Your Small Business Safe
Cyber Security Checklists: Keeping Your Small Business Safe
In today's digital age, cyber security has become a critical aspect for small businesses in Australia. As more operations move online, the potential for cyber threats increases. Small businesses are particularly vulnerable, making it essential to understand and address these risks proactively. - read more
Strengthen Your Defences: Implementing Effective Cybersecurity Protocols
Strengthen Your Defences: Implementing Effective Cybersecurity Protocols
In today's digital age, understanding the cyber threat landscape in Australia is not just important—it's essential. Cyber attacks are becoming more sophisticated and are affecting businesses and individuals at an alarming rate. Common types of cyber attacks include phishing, ransomware, and data breaches, each with the potential to cause significant harm. The impact of cybersecurity breaches on both the economy and the reputation of affected entities is profound, ranging from financial loss to long-lasting reputational damage. - read more
Before You Apply for Cyber Insurance: What You’ll Be Asked (and What It Really Means)
Before You Apply for Cyber Insurance: What You’ll Be Asked (and What It Really Means)
Cyber insurance is one of the most valuable business covers available today, but it is also one of the most confusing to apply for. Many business owners expect it to work like other insurance types, where you provide basic details such as turnover, industry, and location, then receive a quote. Cyber insurance is different. It behaves less like a simple application and more like a risk interview. - read more


Your free Cyber insurance quote comparison starts here!
First Name:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Claim Adjuster:
An insurance professional who investigates and evaluates insurance claims to determine the amount the insurance company should pay.

Quick Links: | Cyber Insurance | Business Cyber Insurance | Cyber Liability Insurance | Small Business Cyber Insurance | Cyber Risk Insurance | Commercial Cyber Insurance | Cyber Security Insurance | Data Breach Insurance | Cyber Attack Insurance | Cyber Insurance Coverage | Cyber Insurance Policy
This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.
IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.