No spike expected in insurance premiums Insurance premiums in Queensland are unlikely to rise, the Insurance Council of Australia says. INSURANCE premiums are unlikely to rise in the wake of Queensland's latest flood disaster, the Insurance Council of Australia says. Council spokesman Campbell Fuller says the industry was well prepared for weather events that have played out this summer. "Insurers had anticipated - with the help of the weather bureau - a season of higher than normal floods and also more cyclones crossing the coast," he told ABC radio on Friday. They've made the appropriate commercial, prudential and logistical preparations for this summer. Premiums spiked dramatically after Queensland's 2011 floods and Cyclone Yasi. Those disasters cost the insurance industry almost $5.5 billion.