Flood – Can the Insurance Industry Keep Its Head Above Water?

August 14th, 2011

There has been widespread community concern and media commentary on the role of insurance following the recent floods. In some cases consumers feel let down by the support that insurance provided (or perhaps didn’t provide).

Following the floods, the Federal Government announced a Natural Disaster Insurance Review (NDIR) that is considering (among other things) the role of insurance – but it is clear to us that not everyone agrees on the exact problem that needs to be solved.

In this article, published in Volume 34 No. 03 of the ANZIIF Journal, we draw on previous Finity publications, and outline our view on the broader issues associated with residential properties exposed to risk of flood. We also summarise the scope and possible direction of the NDIR and then suggest our views on some features of a viable solution.

Ian is a Principal of Finity Consulting.

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