ICA supports National Disaster Insurance Review

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The National Disaster Insurance Review, announced by the Federal Government on 4 March 2011, has been welcomed by the Insurance Council Australia (ICA).

ICA CEO Rob Whelan said the review also had the full support of the general insurance industry. He commented, “We believe this review provides a great opportunity for the general insurance industry to contribute to current debate on how Australian communities can be more resilient to extreme weather events.”

“Disaster insurance is critical when it comes to protecting Australian communities but there are other important measures that also need to be taken to better mitigate against events such as the recent Queensland flood.”

The ICA and its member companies have spent many years making
representations to all levels of government in a bid to reduce the damage caused by serious disasters and to help communities recover more quickly from these devastating events. He said that in order to do this, a range of measures had to be implemented which is outlined in a 10-Point Plan.

“While working towards a standard definition for flood and improved disclosure to enhance consumer understanding of insurance cover are important initiatives,” Whelan continued, “there is still a lot of other work to do in the area of flood mitigation and mapping. For example, the ICA supports proper flood mapping which would allow the industry to underwrite a wider range of insurance products to supplement those already available. Other measures of importance include improved building standards, better land-use planning as well as the introduction of preventative infrastructure projects such as levees, barrages, flood gates and improved drainage.”

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