Cyber Insurance Online :: News

Share this news item!

Insurers Under Fire: Melbourne Floods Reveal Gaps and Mismatches

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

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

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

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

Labour Shortages and Supply Chain Issues Elevate Insurance Claims Costs

25 Jan 2026: Paige Estritori

In 2025, Australia's insurance industry is grappling with rising claims costs, particularly within the construction sector, due to labour shortages and supply chain disruptions. Crawford & Company's latest Claims Inflation Update highlights that construction expenses are increasing at a rate faster than general consumer prices, with the Building Cost Index (BCI) rising nearly 5% annually. - read more

Envest Group Unveils TLI Underwriting: A New Era for Heavy Motor Fleet Insurance

24 Jan 2026: Paige Estritori

Envest Group, a prominent player in Australia's insurance sector, has announced the launch of TLI Underwriting, a new agency dedicated to providing specialised insurance solutions for heavy motor fleet operators. This strategic move aims to address the unique challenges faced by larger transport businesses in Australia. - read more

Click for more Insurance News

Cyber Insurance Articles

Understanding Cyber Threats and How They Affect Your Finances

Cyber threats refer to malicious acts that seek to damage data, steal information, or disrupt digital operations. These threats can come in various forms, such as malware, phishing attacks, ransomware, and more. - read more

How to Protect Your Small Business from Cyber Threats

In today's digital age, the rising importance of cybersecurity for small businesses in Australia cannot be overstated. As technology permeates every aspect of business operations, it offers tremendous advantages but also exposes small businesses to a growing array of cyber threats. These threats are increasingly targeting small companies, seeking to exploit vulnerabilities and potentially cause significant financial and reputational damage. - read more

From Phishing to Hacking: Examining the Coverage Options of Cyber Insurance Policies

In today's digital landscape, Australian small businesses face a myriad of cyber risks that can threaten their operations and financial stability. From sophisticated phishing scams to debilitating hacking attacks, the need to safeguard against such digital threats has never been more pressing. This introductory guide serves to illuminate the complexities of the cyber risk environment within Australia, focusing on the small business sector's unique vulnerabilities. - read more

Protecting Your Business from Online Threats: The Benefits of Cyber Insurance

In today's digital age, businesses are increasingly becoming more vulnerable to online threats. Cyber attacks are not just limited to large corporations. Small businesses are also at risk and can suffer severe financial losses due to cyber threats. It is essential for small businesses to invest in cyber insurance. Cyber insurance offers protection against online threats, providing financial assistance if a company experiences a data breach, cyber attack, or other forms of cybercrime. - read more

Cyber Insurance 101: What Every Australian Business Owner Needs to Know

Cyber insurance, also known as cyber liability insurance, is a type of coverage designed to protect businesses from the financial repercussions of cyber attacks and data breaches. As cyber threats become more sophisticated, the need for a safety net to mitigate the impact of such incidents has grown significantly. - read more

Knowledgebase

Subrogation:
The process by which an insurance company seeks to recover the amount paid to the policyholder from a third party responsible for the loss.

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.