Senate Economics Legislation Committee (part 3 of 3)
11 February 2026
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Contents updated on 22 Oct 2026
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Senate Economics Legislation Committee Australian Parliament
00:00 - 00:02
Speaker 45
Framework. So... Yes.
00:02 - 00:19
Speaker 44
Okay. So I suppose if they're considering it, that means... Effectively means they need to increase their premiums to factor in that risk. Are you aware of reports that last year, insurance companies banked a record annual profit of $6,100,000,000?
00:20 - 00:29
Speaker 85
So I think, the... Yes. I mean, I think that's a reported number that Right. There was profitability in the insurance sector last year.
00:29 - 00:54
Speaker 44
That's right. So, I mean, the issue here is if... Isn't there a risk that your, your advice that you're giving them could be easily just used as a as a shield, for insurance companies to raise premiums, blame climate yourselves, and then pocket a whole lot of money on the backs of, Australian insurance customers.
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