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Consultation Paper - Reforming Flood Insurance: Clearing the Waters


Tuesday, 5 April 2011

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Experience with the recent natural disasters has highlighted issues with consumer understanding of insurance policies and the different approaches taken by insurance companies on coverage for water damage, including flood.

Preliminary consultations by the Government about those issues have resulted in two proposals designed to address those issues by providing greater clarity:

  • a standard definition of flood, for use in insurance policies; and
  • short, simple, key facts summaries for insurance policies to be made available to consumers.

The Assistant Treasurer and Minister for Financial Services and Superannuation has released a paper that seeks feedback on the proposals.

Making a submission

Interested parties are invited to comment on the paper. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 13 May 2011

Address written submissions to:
Flood Insurance: Proposed Reforms
c/- Insurance Contracts Act Review
Corporations and Financial Services Division
The Treasury
Langton Crescent

Email: icareview@treasury.gov.au

For enquiries, please call Andrew Sellars (02) 6263 3224.

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Consultation Paper  1,368.12kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Consultation Paper  8,649.91kb

Related Items:

Submissions: Consultation Paper - Reforming Flood Insurance: Clearing the Waters - 19/05/2011

Treasury received 13 submissions in response to its Consultation Paper Reforming flood insurance: Clearing the waters. There were 12 public submissions, and one confidential submission. The public submissions are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

Treasury Portfolio Ministers - Link to website MoreSuper  - Link to website Carbon Price Modelling - Link to Website Clean Energy Future  - Link to website Review of compensation arrangements for consumers of financial services - Consultation Paper  - Link to website