Victorian Resilient Homes Initiative Supported by Insurance Council

The Insurance Council of Australia (ICA) has expressed strong support for a Victorian initiative proposing a resilient homes scheme, akin to those currently operating in New South Wales and Queensland.

This recommendation emerged from a comprehensive inquiry into climate resilience conducted by Victoria's Legislative Council Environment and Planning Committee, which presented 93 findings alongside 82 recommendations this week.

Core proposals from the inquiry emphasise the incorporation of "build back better" principles into post-disaster funding and the establishment of a centralised system for updating flood modelling, ensuring that these outcomes are integrated into planning frameworks. A resilient homes program, similar to those in other states that include federal partnership and funding for raising, rebuilding, or relocating homes, is also advocated.

The ICA highlights that the inquiry's findings resonate with its advocacy for fortified climate resilience. These recommendations mirror another investigation into the 2022 floods in Victoria, which also suggested implementing a resilient homes initiative. The ICA has urged the Victorian government to adopt these resilience-oriented proposals, especially advocating for a buyback scheme targeting properties at extreme flood risk without viable protective measures.

Ryan Batchelor, the chair of the inquiry, underscored the detrimental effects of climate change on Victoria’s infrastructure, citing issues from hotter summers and extended bushfire seasons to more intense rainfall and coastal erosion. The scientific testimony presented to the committee accentuated the urgency of state-wide climate adaptability measures.

The committee's investigation, which spanned testimony from over 130 witnesses and involved extensive public hearings across regional Victoria, revealed significant challenges posed by escalating insurance costs and decreasing availability. Properties newly classified as high-risk under updated climate overlays face increased premiums, policy exclusions, and financial pressures, threatening the efficacy of recovery and adaptation efforts.

With these findings, the report calls for a strategic approach to mitigate these challenges, ensuring that homeowners, businesses, and local governments can sustain and strengthen climate resilience in Victoria.

Published:Monday, 18th Aug 2025
Source: Paige Estritori

Share this news item:

Insurance News

Rising Group Premiums Pose Challenges for Australian Life Insurance

28 Aug 2025: Paige Estritori

Insurance premiums for group life policies with long-term benefits have surged between 15% to 25% on average in the first half of the year, according to a mid-year market update from Marsh Australia. While the steepest increases affected those with adverse claims experiences, short-term rates and premiums for permanent disabilities remained relatively steady. The sector has also become more selective, with insurers adopting stricter underwriting standards, particularly eschewing high-risk industries. - read more

Concerns Arise Over Construction Code Pause Amid Housing Push

28 Aug 2025: Paige Estritori

The federal government's initiative to accelerate housing development by relaxing certain building regulations has raised alarm within the insurance sector. Housing Minister Clare O’Neil announced changes on social media, indicating a strategic pause on parts of the National Construction Code to expedite building approvals and encourage the construction of much-needed homes across Australia. This move comes in response to challenges in the approval process, which often delays construction. - read more

RACQ Insurance Ordered to Increase Payout After Claim Handling Flaws

27 Aug 2025: Paige Estritori

RACQ Insurance has been instructed to bolster a payout to a customer following a ruling by the Australian Financial Complaints Authority (AFCA). The dispute arose after the insurer's handling of a house fire claim lodged by a woman in October 2023 was found lacking. The fire, initiated by scented candles, resulted in significant fire and smoke damage to her home. - read more

ASIC Review Puts Life Insurance Sector Under Scrutiny

26 Aug 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has spotlighted significant shortcomings in the direct sale of life insurance products, urging the industry to reassess its sales practices. The recent review unearthed ongoing issues with remuneration structures, indicating that some insurers still link commissions to sales targets, potentially fostering aggressive sales tactics. The study further revealed a troubling rise in claims disputes, with reported cases more than doubling since 2018, raising concerns about the transparency and trustworthiness of these policies. - read more

Ombudsman Sides with Insurer on Imposed Excess Dispute

25 Aug 2025: Paige Estritori

A recent ruling by the Australian Financial Complaints Authority (AFCA) has upheld an insurer's decision to impose an additional $2000 excess on a property policy, following a dispute raised by a policyholder over claims history impacts. - read more

Truck Insurance Articles

What Every Australian Truck Owner Needs to Know About Value Preservation

Welcome to our comprehensive guide on preserving the value of your investment as an Australian truck owner. Whether you’re in it for the long haul or planning to upgrade in the future, maintaining your truck's value is crucial. In this article, we're going to explore essential strategies that can help you safeguard the worth of your truck, ensuring that when the time comes to sell or trade, you’re poised to recoup the maximum value possible. - 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

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

Comprehensive Truck Cover: A Coverage Option You Can’t Afford to Ignore

If you own a truck, you know that life on the road can be unpredictable. From unexpected weather conditions to accidents and theft, the risks are plentiful. That's why comprehensive truck insurance is more than just a necessity—it's a smart financial safeguard. While many truck owners may opt for basic coverage to save on premiums, comprehensive coverage ensures your vehicle is protected from a wide range of hazards, providing peace of mind in an ever-uncertain world. - read more

Managing Downtime: Financial Tips for Truck Operators During Insurance Claims

As vital cogs in the supply chain, truck operators know that time is money. However, when the unexpected strikes and insurance claims become a reality, operators are thrust into a web of challenges that can bring even the most robust wheels to a halt. Facing a labyrinth of bureaucratic processes, truck operators must navigate the tumultuous waters of insurance claims, all while their primary source of income sits idle. - read more

Knowledgebase

Insurance broker:
An agent acting on behalf of the insured (not the insurance company) who negotiates the terms and cover provided by the insurer in the insurance policy.