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Insurers agree with the right Flood Decisions.

Aug 20, 2013

Insurers have mostly welcomed the Federal Government’s decisions to rule out premium subsidies for policyholders in high-risk flood zones as well as not making it compulsory for all household policies to offer flood cover.

The Government announced its position on the issues in its response to the Productivity Commission report Barriers to Effective Climate Change Adaptation.

Suncorp spokesperson Natasha Fenech said Suncorp agrees with the Government’s decision not to proceed with premium subsidies for those at high flood risk.

“We need to reduce the risk for everybody rather than just for high-risk homes,” she said, adding that mitigation also addresses the issue of community safety in catastrophe events.

Allianz Australia GM Corporate Affairs Nicholas Scofield says Allianz also backs the Government’s decision not to make flood cover mandatory.

But he says Allianz did recommend a flood reinsurance pool in its submission to the Natural Disaster Insurance Review, and supported “a well-designed subsidy mechanism that was incorporated into domestic property insurance in a way that does not undermine insurance pricing and risk selection principles”.

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