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MP Urges changes to flood insurance premiums

  • by The Quotesonline Team


Lismore MP Thomas George has urged insurers to review the way they charge higher premiums in at risk postcodes in a meeting with the Insurance Council of Australia.

“The Tweed area had something like 16,000 properties were in areas of one in a hundred flood risk.”

“However, the use of the Council’s latest flood frequency map shows that there’s only 7,900 of these properties are in locations with a potentially lower risk of flooding,” Mr George said.

One insurer Zurich has introduced a new model for flood mapping that proved affective in the recent Rockhampton floods, that was accurate down to the property level, the Zurich system used claims information, Google mapping and national recognised flood modelling.

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