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ARTICLE · 19 NOVEMBER 2011

Natural Disaster Insurance Review report released

DLA Piper Australia
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The availability of flood cover for policy holders affected by QLD led to the Natural Disaster Insurance Review.

AustraliaInsurance
Samantha O'Brien
Samantha O'Brien

The availability of flood cover for policy holders affected by the Queensland floods was the primary stimulus for the Natural Disaster Insurance Review ("the Review") announced by the Commonwealth Government in March 2011.  As such, the issues of availability and affordability of flood cover are very much at the heart of the Review's report, which was published yesterday.  One recommendation is that all home insurance, home contents and home unit insurance policies are to include flood cover.   The Commonwealth Government has immediately responded with a proposed standard definition of flood:

"Flood means the covering of normally dry land by water that has escaped or been released from the normal confines of:

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