Natural disaster victims’ allegations insurance companies have price gouged them need urgent investigation by the Australian Competition and Consumer Commission (ACCC), Member for Mallee Dr Anne Webster says.

Skyrocketing premiums during a cost-of-living crisis have hit the hip pocket of Mallee residents affected by fire and floods over the past 18 months, yet insurance companies continue to post massive profits.

“Some have told me their cover has gone up close to 300 per cent in the wake of the floods that impacted Mallee – and they were not allowed to remove flood cover from their policy,” Dr Webster said.

“People are suffering through the cost of living, and natural disasters such as fires and floods cause a tremendous amount of despair that should not be exacerbated by extreme insurance price rises while these companies are raking in money.”

A Parliamentary Inquiry into insurers’ response to the 2022 major floods is due to report by September 30.Dr Webster said the recent fires in the Grampians, Wimmera and Pyrenees further highlighted the need for action.“

The Albanese Labor Government must direct the ACCC to conduct a public inquiry to hold insurance companies accountable for extreme price hikes,” she said.“

Assistant Treasurer Stephen Jones believes a Parliamentary Inquiry is enough to examine pricing but much like with supermarket prices it is the ACCC that has the real power to hold companies to account. People cannot afford to wait for a lengthy Parliamentary Inquiry process.”