New insurance pricing for Westpac

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Westpac has announced it will continue to cover riverine and flash flooding. However, following the Queensland floods, it will review its pricing structure on home and contents insurance. Changes will differ Australia-wide to take into account the increases in natural peril cost and the rise in premiums for reinsurance.
Data from the Insurance Council of Australia’s National Flood Information Database is used in Westpac’s pricing calculations. Since its policies cover all types of flood it has been able to deploy insurance assessors and engage builders quickly. All insurance claims have now been processed.
Last month, Westpac said it will incur general insurance claims of about $10 million from the floods in the December quarter and additional costs of $30 million this quarter from floods in Queensland and Victoria, and Cyclone Yasi.

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