Thursday, 18 August 2022

Eastern Victoria Region

Ms BURNETT-WAKE (Eastern Victoria) (12:36): (1924) My question is for the Treasurer. The Climate Council recently published a report that found one in 25 Australian properties will be uninsurable by 2030. Residents in the Dandenong Ranges and parts of East Gippsland have found it difficult to find insurance since the June 2021 extreme weather events. Most insurers have raised premiums to the point that insurance is simply unaffordable. My constituent and I understand that insurance is primarily a federal responsibility; however, there are things the state can do to assist. In 2017 the Victorian Department of Health and the Victorian Council of Social Service inquired into underinsurance in Victoria. The final report found that a reduction in or elimination of the stamp duty charged on all insurance policies would make insurance more affordable. The state also has the power to lobby for change, to raise awareness of the risk of underinsurance and to conduct inquiries. The question is: what is the state government doing to address rising insurance premiums and the looming risk that parts of Victoria will be uninsurable by 2030?