Andrew Gee (Calare, Independent) Share this | Link to this | Hansard source

My question is to the Prime Minister. Prime Minister, in the central west of New South Wales communities like Eugowra, Molong, Cudal and Canowindra were devastated by the storms and floods of last year. The stories of heartbreak and tragedy have been made worse by the shocking and cold-hearted treatment of many local residents by some insurance companies. The anger in our communities is white hot, and I don't think we're alone. Will your government support a parliamentary inquiry into the response of insurance companies to recent natural disasters in Australia?

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

LBANESE (—) (): I thank the member for Calare for his question. I, indeed, have visited the member's electorate, with him, witnessing firsthand the devastating impact of the flooding that occurred, also witnessing, at the same time, the extraordinary resilience of communities that he represents—in common, it must be said, with the member for Riverina or the member for Page. Whenever you visit an area that has been devastated, you're struck by a couple of things. One is the extraordinary work of our professional support, including public servants but also the volunteers through organisations like the SES and the work that they do.

I know as well that the issue of insurance has been a very big one for a long period of time. Getting communities back on their feet is vitally important, and insurance plays a big part on that. The government is spending $25.3 million over five years to help reduce the cost of insurance in disaster prone communities, and this includes the establishment of the Hazard Insurance Partnership with the insurance sector to address insurance issues driven by natural hazards.

The package will identify where the most pressing insurance issues are and how to best address them and support better targeted mitigation and resilience strategies. And, of course, we have a fund that we will spend every year on trying to get ahead of the impact of natural disasters, a fund that will ensure that issues including levies and other measures are implemented. We recently as well announced some $262 million over 10 years to upgrade flood gauges in high-priority catchment areas across Australia. There had already been some work done there in the member for Page's electorate, in the north coast of New South Wales, in partnership with the New South Wales government. There will be more work done in Queensland in areas that are affected.

Can I say this on behalf of the government but I think on behalf of every member here. We expect insurance companies to meet their obligations under the insurance code of practice, including the requirements to manage disputes in the payment of claims and to act in an open, fair, honest and transparent way with their customers. I'll speak with the relevant minister, the Assistant Treasurer as well, about your proposal for a parliamentary inquiry. I respect the way that you've put it forward as an appropriate way of raising that issue. I say that, with you, the government stands ready as with every member of this chamber to provide support for communities at their time of need.