Insurance Council CEO Andrew Hall has co-hosted a roundtable in Taree, bringing together business and council leaders after May 2025 floods led to more than 14,000 claims and nearly $283 million in claim payments.

He said that without investment in mitigation, thousands of properties in NSW’s Manning Valley and Mid North Coast regions remain exposed.   

“The mud is gone, many businesses are back, the town is slowly recovering – but recovery isn’t the same as resilience. The flood risk that caused this disaster hasn’t gone away,” he said.

“It’s one of the more challenging east coast flood catchments where we are dealing with a never-ending cycle. We know another flood will come. 

“The question is whether the lessons from Taree translate into meaningful action on resilience and mitigation, or whether communities remain exposed when the next flood arrives.”   

Roundtable co-host and federal MP Alison Penfold said the meeting was held to discuss what must be done “on the ground and with policy” to make insurance premiums more affordable. 

“Our region has lived with flooding for generations, but that does not mean we should accept the same problems every time,” Ms Penfold said. 

“Nor does it mean we should shy away from difficult policy issues.” 

The roundtable discussed funding for flood mitigation work, the Disaster Ready Fund, buybacks and house raising programs, removal of the emergency services levy, flood reinsurance schemes, rebuild costs, premium transparency and data-led reform. 

“We heard some stark facts: 30c of every $1 spent on insurance is tax. That amounts to $8 billion in tax revenue ... Thank you to the Insurance Council of Australia for your presentation and to everyone who took part,” Ms Penfold said.  

About 92% of claims from last year’s floods are finalised. The Mid North Coast and Hunter region account for 10% of the nation’s flood-exposed properties.