As per question and picture
Hello @JackW97
If the insulation for the copper pipe has deteriorated, I suggest looking at using https://www.bunnings.com.au/k-flex-13mm-wall-x-13mm-i-d-1m-elastomeric-pipe-insulation-suits-1-2-pipe_p4920350 . It can be fixed in place using https://www.bunnings.com.au/k-flex-pipe-insulation-self-adhesive-tape_p0904558 in combination with https://www.bunnings.com.au/crescent-200-x-4-6mm-black-cable-ties-100-pack_p4431170 .
The general steps are to peel the old insulation off the pipe and cut to size the replacement piece. Once the insulation is in place use the tape to seal the insulation and to link it to the existing insulation. Use the cable ties to support the tape, make sure to put some at the beginning, middle and end sections of the insulation.
Please make sure to wear personal protection such as gloves, goggles and a mask.
If you need further assistance, please let us know.
Eric