The Insurance Council of Australia (ICA) says it has accepted all seven recommendations in principle from a Deloitte report that has highlighted failings exposed by the record floods catastrophe in northern NSW and southeast Queensland last year.
Five recommendations for insurers cover improvements to preparedness, customer experience, resourcing, operational responses and governance and transparency. The report also calls for more effective co-ordination between government and the industry and a code of practice reworking of the extraordinary catastrophe definition.
ICA CEO Andrew Hall says Australian insurers are well placed to show the world how to respond effectively and efficiently to extreme weather events.
“This will always need to be weighed up against the cost impacts and keeping insurance affordable,” he said.