Truck Insurance Online :: News

Share this news item!

NSW Floods Highlight Critical Insurability Crisis

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.

Recently, New South Wales has been severely affected by major floods, with damages to around 10,000 homes and businesses.

The Insurance Council of Australia has already received over 6,000 claims from the Mid North Coast and Hunter regions, while countless families face displacement as their homes become uninhabitable.

This wave of flooding underscores a significant issue: many affected residents lack adequate insurance coverage. The spiraling costs, with some policies reaching $30,000 annually, make insurance inaccessible for many. The gap between current payouts and actual reconstruction costs only exacerbates the situation, leading the ICA to declare the situation an insurance catastrophe.

These events in NSW are part of a broader, alarming global trend. In 2024 alone, there were approximately 60 natural disasters each causing over $1.5 billion in losses, pushing total global losses to $650 billion. With disasters escalating in frequency and severity due to climate change, Australia’s predicament might be a precursor to global insurability challenges.

Australia's escalated exposure to natural disasters raises urgent questions about the sustainability of insurance systems. The current situation, where entire communities are either uninsured or underinsured, poses severe social and economic risks. Rising insurance costs are not only a burden for everyday Australians but also reflect a worrying trend of diminishing affordability and availability. With insurers demanding higher premiums and offering limited coverage, vulnerable populations are left unprotected against disasters.

The implications are profound, potentially widening the socioeconomic divide as marginalised groups bear the brunt of inadequate insurance coverage. As noted by policymakers, the insurance industry faces pressure to maintain fair practices, fulfilling policyholders' needs effectively.

Governmental responses to the insurance crisis are under scrutiny. NSW Premier Chris Minns has called for insurance companies to expedite claims processing. Despite proposed measures like greater government oversight, the dialogue must advance to address the root issues of insurance accessibility and affordability.

The broader insurance sector, driven by few multinational reinsurers, will continue to shape policy prices. However, experts argue for systemic changes: the establishment of a public insurance scheme and equitable disaster resilience funding. Such initiatives could prevent Australia from becoming a cautionary tale for global insurability.

Looking ahead, fostering community resilience and adapting public policy to ensure broader coverage are imperative. It calls for comprehensive governmental intervention to not only mitigate disaster impacts but also bolster social and economic stability across the nation.

Published:Thursday, 5th Jun 2025
Source: Paige Estritori

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

Share this news item:

Insurance News

ASIC Initiates Legal Proceedings Against QBE for Misleading Discount Practices

08 Dec 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has commenced legal action against QBE Insurance (Australia), alleging that the insurer misled more than 500,000 customers regarding promised discounts on various insurance products over a five-year period from July 2017 to September 2022. - read more

Escalating Collision Risks Challenge Australian Fleet Operators

08 Dec 2025: Paige Estritori

Australia's transport and haulage sector is currently navigating a period of heightened operational risk, marked by an uptick in both the frequency and severity of motor collision claims. This trend underscores the pressing need for fleet operators to adopt proactive risk management strategies and leverage advanced insurance solutions to safeguard their operations. - read more

Understanding the Impact of Inattention and Speed on Australian Truck Crashes

08 Dec 2025: Paige Estritori

The National Truck Accident Research Centre (NTARC) has released its 2025 Major Incident Investigation Report, shedding light on the primary human factors contributing to significant truck crashes across Australia. The findings emphasise the critical roles of inattention, distraction, and inappropriate speed in these incidents, underscoring the necessity for targeted safety interventions within the transport industry. - read more

Envest Group's TLI Underwriting: A New Era for Large Truck Fleet Insurance

30 Nov 2025: Paige Estritori

Envest Group, a prominent player in the insurance industry, has announced the launch of TLI Underwriting, a new heavy motor agency set to commence operations at the end of this month. TLI Underwriting will function as an authorised representative of Envest's heavy motor specialist underwriter, ATL Insurance Group. - read more

AFCA's Decision Highlights Importance of Accurate Insurance Declarations

30 Nov 2025: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has recently ruled against a trucking company that misrepresented its insurance history and operational details when obtaining a policy from NTI. This decision underscores the critical importance of providing accurate information during the insurance application process. - read more

Click for more Insurance News

Truck Insurance Articles

5 Essential Financial Tips Every Australian Truck Owner Should Know

Not only is the Australian trucking industry a critical player in keeping the country's economy moving, but truck owners and operators also experience a unique set of financial challenges. From fluctuating fuel prices to the costs associated with vehicle maintenance, running a trucking business requires thorough financial planning and management. - read more

Risk Management for Truckers: How the Right Insurance Can Protect Your Livelihood

Trucking plays a pivotal role in bolstering the economy, serving as the lifeblood that transports essential goods across vast distances. It is a profession that demands not just skill and precision, but also a deep understanding of the risks that come with the territory. Managing these risks effectively is crucial for the protection and continuation of your operations. - read more

Essential Tips for Reducing Your Truck Insurance Costs

Truck insurance is a critical aspect of business for Australian truck owners and operators. It offers invaluable peace of mind and financial security in the event of accidents, theft, or other unforeseen circumstances that can impact your vehicles. Given the significant investment that trucks represent, the right insurance coverage can often be the defining factor between operational success and financial strain. - read more

The Top Mistakes to Avoid When Purchasing Truck Insurance

Truck insurance is a necessary expense for any business that relies on commercial vehicles. It is crucial to protect your business from any financial loss that could result from an accident, theft or any other unforeseen circumstances. - read more

Why it's important to have public liability insurance for your trucking business

Public liability insurance is a type of insurance that provides coverage for your trucking business in the event of an accident or incident in which your business is deemed at fault and causes damage or injury to a third party. This insurance will cover the legal expenses and compensation costs that may arise as a result of such incidents. - read more

Knowledgebase

Liability Insurance:
A type of insurance that provides protection against claims resulting from injuries and damage to people and/or property.

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.