As ex-Tropical Cyclone Alfred causes major floods in northern NSW and southern Queensland, we should remember that rising insurance premiums aren’t just driven by extreme weather but also by outdated regulations. Australia’s insurance sectors – divided into general, life, and health insurance – require separate licences for each to operate, adding inefficiencies that drive up costs.

The industry is in crisis. Insurance costs have surged 11 per cent in the past year, with health insurance premiums set to rise by 3.7 per cent from April 1. The Australian Prudential Regulation Authority warns that insurers are struggling, premiums are rising and Australians are left with fewer choices and higher costs.