Minute With The Mayor - Mayor Ramon Jayo

I have been approached by a growing number of residents who are finding it increasingly difficult to obtain affordable insurance, with some unable to secure cover at all. Many are telling me that premiums have become unaffordable, while others have been refused cover because their property is located in a known flood area or has a history of flood claims.

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Over recent years, we have seen significant increases in home, contents and business insurance premiums, largely driven by the cost of flood cover. As a result, three concerning trends are emerging across our community.

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Firstly, some property owners are choosing not to insure at all. This leaves them exposed not only to flood impacts, but also to other risks such as cyclone, storm and fire.

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Secondly, some owners are reducing the value of assets they insure in an effort to lower premiums. While understandable, this can leave families and businesses underinsured and unable to fully recover following a major event.

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Thirdly, there is a growing perception among some people that insurance will cover any loss, reducing the incentive to take practical steps to protect furniture, equipment and other assets from floodwaters. Ultimately, these losses contribute to increased claims and higher premiums for everyone.

For most families, their home is the single largest investment they will ever make. Without adequate insurance, recovering from a cyclone, storm, fire or other disaster can be extremely difficult.

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The affordability and availability of insurance is a serious issue for communities like ours, and Council has been raising these concerns with both State and Federal Governments for several years. In my view, there is clear market failure in some areas, and governments need to work with industry to find practical solutions that improve access to affordable cover while strengthening community resilience.

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One option worthy of consideration is allowing property owners to choose whether flood insurance is included in their policy. Giving people the ability to opt in or opt out of flood cover could help reduce premiums while maintaining protection against other risks such as cyclone, storm and fire.

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Equally important is greater transparency from insurers around how premiums are calculated and how risk is assessed for individual hazards. Property owners should also receive clearer recognition for mitigation measures and resilience investments, such as building above recognised flood levels or undertaking flood-proofing works.

To help build a stronger case for change, Council will release a community survey seeking feedback from residents and businesses about their experiences with insurance affordability and accessibility.

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I strongly encourage everyone to take a few minutes to complete the survey by visiting www.surveymonkey.com/r/FNBY7SF or scanning the QR code before it closes at 5.00pm on Tuesday 6th October 2026.

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The more information we can provide to decision-makers, the stronger our advocacy will be.

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We need real local data to demonstrate the impact rising insurance costs are having on our community and to push for meaningful reform.

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