A Mid North Coast roundtable has discussed responses to the region’s flood cover and insurance affordability issues, including a potential pool, mitigation and more flexible policy wordings.

Oxley MP Michael Kemp says the meeting canvassed the potential for a scheme like the cyclone reinsurance pool.

He adds more flexible insurance policies are needed, as residents hit by soaring premiums can no longer cut costs by opting out of flood cover.

“All the insurance companies up this way are now ... making sure that if you have a policy you have flood in it,” he told insuranceNEWS.com.au.

“It can increase a household insurance policy by $10,000, a business insurance policy by $30,000 – and that’s not really achievable in today’s financial climate.” 

The roundtable in Kempsey, facilitated by Mr Kemp, included the Insurance Council of Australia, brokers, community representatives, state Minister for Small Business, Recovery and the North Coast Janelle Saffin, and the NSW Reconstruction Authority. 

Mr Kemp says spending is needed on mitigation and resilience measures including levee banks and relocating high-risk homes, and ICA is working with government around a public-private partnership. 

“Work is already being presented to the government, and the government’s listening at both the federal and state level, and I would hope that does come to fruition,” he said. 

Mr Kemp says the meeting was productive and work on the issues will continue. 

“Following the meeting, we will be collating questions and concerns to put directly to the Insurance Council, the minister and Reconstruction Australia,” he said. 

ICA CEO Andrew Hall says the discussion reinforced that sustained investment in mitigation remains the most effective way to reduce risk, ease pressure on premiums and cut long-term public expenditure. 

Strong collaboration is required to design practical resilience schemes, better align policy settings and expand community-level support, he says in a Facebook post. 

“Achieving this at scale requires regional voices to remain visible in state and federal policy processes, particularly as upcoming inquiries and budget decisions shape the next phase of resilience investment,” he said. 

The Mid North Coast was hit hard by floods last year and in 2022.