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May 30, 2024

Greens to amend gov backed insurance scheme to cover all flood victims

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Kashmir Salmon Miller, Mandy Nolan and NSW Greens MLC-elect Sue Higginson waiting with the public in Lismore for Scott Morrison this week. Photo supplied.

Greens Leader, Adam Bandt MP, and Greens candidate for the flood affected electorate of Richmond, Mandy Nolan, have announced the Greens will move when Parliament resumes in March to extend government backed insurance to all flood victims.

Greens Leader Adam Bandt MP said, ‘Thousands of homes and businesses will be uninsurable without the Greens’ plan to extend reinsurance to flood victims.

‘The increased severity of climate related floods is pushing the cost of insurance out of reach of many homeowners and businesses, so nationalising cyclone reinsurance is critical but it must cover all flood victims.’

What is proposed

The Treasury Laws Amendment (Cyclone and Flood Damage Reinsurance Pool) Bill 2022, which is due to be debated in Budget week later this month, establishes a mandatory scheme for insurers to reinsure with the government-owned Australian Reinsurance Pool Corporation (ARPC) when providing cover against cyclone related damage.

This partial nationalisation of house insurance is designed to keep premiums low by removing much of the profit-taking from cyclone insurance. As the current floods are not cyclone related they are excluded from the scheme.

Flood rubbish in Woodlark Street Lismore, 7 March 2022. Photo David Lowe.

The Greens say they will move amendments to the bill in the Senate to extend coverage to all floods, including floods such as those in NSW and QLD and require coal and gas corporations to fund the scheme.

The Greens also want a statutory inquiry to consider the full nationalisation of all climate-related reinsurance for events such as bushfires.

Politicians from other parties have recently spoken in support of extending mandatory reinsurance to all flood victims, suggesting the amendments have a chance of passing the Senate before the election.

Mandy’s view

Speaking from the Northern Rivers, Greens candidate for Richmond Mandy Nolan said, ‘I have just survived this latest flood disaster, but now many in my community are facing the disaster of being uninsurable. We need to act now.

‘This is the front line of the climate emergency. Thousands of homes have been destroyed, many more damaged and people’s premiums are going to go through the roof unless they are covered by the Greens plan.

‘The Parliament needs to urgently pass the Greens amendments in Budget week and help my community recover.’

Greens leader Adam Bandt. File photo.

Adam Bandt concluded by saying, ‘The government is handing public money to the coal and gas corporations that are fuelling these extreme floods.

‘Instead of getting handouts, coal and gas corporations should be footing the bill for the insurance.

‘We call on the government, the opposition and crossbench to back our amendments. Let’s get this done and support flood victims,’ he said.

The Greens have also called for doubling the Disaster Recovery Payment and expanding the eligibility criteria. They note that payments are currently at the same rate as 14 years ago, with eligibility far more onerous than it was for 2011 Brisbane flood victims.


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11 COMMENTS

  1. Assistance in response to unprecedented events is one thing but do we really want to encourage people to make building or rebuilding decisions without regard for the likelihood of inundation?

    Seems a bit like the populist thinking that can be indulged in minus the likelihood of having to deliver.

    • Whilst the Green intention is well meaning, it is long term folly to rebuild and rebuild again, permanent structures upon floodplains.
      Forced retreat, along the lines of Grantham, Lockyer Valley in the wake of their 2011 flood devastation, is the viable way forward.

    • Quite right Liz !
      …Except, if the government takes on the role of covering uninsurable assets, you can bet your Bippy they’ll be ‘delivering ‘ in spades ( no disrespect ). However if we face reality, we know that when the ice-caps melt, the sea-level will be 66 meters higher than now , which means half of Australia , including Byron Bay will be well and truly ‘inundated’ and we are doing nothing to halt our headlong race with the Lemmings.
      No amount of insurance will protect us from the repercussions of this massive overpopulation of the planet.

    • Glad to see the first comment point out what the article somehow didn’t touch on.. How crazy is it to subsidize insurance to people living in flood plains?! It’s like giving free limb replacement and medical care to people living in a minefield..

      Give them some assistance in relocating perhaps, but they need to get out of the flood plain and house prices and insurance rates need to reflect the reality.

  2. It is totally obvious that the Greens are no longer a party of environmental reality.

    They have completely turned their back on the idea of humanity learning to fit in with natural law.

    What a disgrace

    • Shane, what part of Greens and Environment have you been missing these last 30 plus years?
      The Lib/Nat/Lab FF Cartel has wilfully ignored the science that the UN / IPCC Reports have been telling us about that calls for 75% emissions reduction by 2030, Net Zero emissions by 2035 and NO new FF adventures.
      The Lib?Nat/Lab FF Cartel are actively boosting the continuing and expanding of fossil fuel usage for years and years to come.

      Team Green has a comprehensive climate and energy policy that recognises “environmental reality” that you so concerned about, follows the climate science to try to keep global warming to 1.5degrees – ‘Renew Australia 2030’ – that has been out in the public domain since 2019.

      • Rubbish.

        The Greens support tourism, and advocate more of it. They did not say a peep against the billion dollar taxpayer subsidisation of airline tickets last year. But they oppose use of natural resources (you know, the renewable ones) at every turn – pushing humanity towards the mining and fossil fuel alternatives.

        The Greens promoted Zali Steggall’s Bill for a CO2 emissions accounting (“net zero”) scam, even when it sought to include a legislated exclusion of counting, or cutting, CO2 emissions from coal exporting.

        The Greens pushed to ban plastic bags in Lismore, but here they are advocating that we prop up d e development in floodplain with all the waste that entails – both to landfill and the natural environment. This is completely ignoring natural boundaries.

        The list goes on and on. This proposal to have the taxpayer pay for all flood damage in Australia is just the latest, and ultimate, lunacy from the fake Greens Party. They are no solution to anything to do with our relationship to the natural environment

  3. We do know the greens screwed the rudd’s government attempt at a carbon trading scheme. This is why they are not a party of government. Spend more time and effort challenging other progressive parties then taking on Tories.

  4. Rubbish Joachim.

    The Greens support tourism, and advocate more of it. They did not say a peep against the billion dollar taxpayer subsidisation of airline tickets last year. But they oppose use of natural resources (you know, the renewable ones) at every turn – pushing humanity towards the mining and fossil fuel alternatives.

    The Greens promoted Zali Steggall’s Bill for a CO2 emissions accounting (“net zero”) scam, even when it sought to include a legislated exclusion of counting, or cutting, CO2 emissions from coal exporting.

    The Greens pushed to ban plastic bags in Lismore, but here they are advocating that we prop up d e development in floodplain with all the waste that entails – both to landfill and the natural environment. This is completely ignoring natural boundaries.

    The list goes on and on. This proposal to have the taxpayer pay for all flood damage in Australia is just the latest, and ultimate, lunacy from the fake Greens Party. They are no solution to anything to do with our relationship to the natural environment

  5. Section 99 of the Australian Constitution provides a remedy for the discriminatory provision of assistance to one part of a State over another part of that State.
    It can be used by either side of the debate about rebuilding on flood plains – to disallow the current discriminatory law/regulation of commerce, or to extend the law/regulation to make it non’discriminatory.
    General arguments about the fairness/soundness of the existing policy are well and good, but cannot stop a majority in Parliament from deciding to make discriminatory/unsound decisions.
    However, such decisions may be successfully appealed to the High Court of Australia.

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