ICA Survey - FMA Members' Input Sought

The Insurance Council of Australia (ICA) has engaged Deloitte to conduct its external review into the insurance industry's response to the CAT 221 flooding event across New South Wales and Queensland in early 2022.

That review will look to identify lessons learned from insurers’ response to the floods – both from good practice and practices requiring improvement – to better prepare and inform the industry’s response to future extreme weather events in a changing climate.

As part of the review, FMA has been invited by Deloitte to contribute its views and perspectives on the insurance industry’s response to CAT 221.

Issues covered include:

1. How did FMA Members interact with insurers?
2. To what extent do Members consider ‘surge capacity’ was appropriate given their flood risk exposure?
3. What specific steps could insurers take to better manage flood risk in the future and facilitate faster recovery from flooding events?
4. Do you have any other information or comments that may be relevant to the review?

Most FMA Member Councils in Queensland and NSW have been impacted by these events, so your views and experiences can make a valuable contribution to the survey.

Please send your comments by 10 August to Executive Officer Glenn Evans: eo@floods.asn.au

In addition Deloitte is conducting a survey to gather insights from insurance policyholders affected by the CAT 221 event about their experiences with the insurance industry and relevant insurers.

This survey will close on 11 August 2023, and is available at:

https://www.deloitte.com/au/en/services/audit/analysis/cat221-insurance-industry-response-survey.html

The ICA’s Senior Manager, Mitigations and Catastrophe Management, Liam Walter¿, will provide updates on latest developments in flood insurance to the upcoming FMA Quarterly Meetings in Brisbane and Sydney.