Australia: IAG welcomes improved access to flood risk data

Insurance Australia Group Limited (IAG) has welcomed Government moves to improve access to flood mapping risk data announced in its response to the Natural Disaster Insurance Review, according to 4-traders. "The government's response should improve the availability and understanding of flood cover, which will help reduce the level of underinsurance that saw too many residents without appropriate cover for their specific flood risk," IAG Managing Director and Chief Executive Officer Mr Mike Wilkins said.

"However, we do believe that the single most effective way to make our communities safer will be to encourage more investment by all levels of government in mitigation infrastructure like flood levies, to protect property and assets from flood. Initiatives in this area will also help keep the price of risk affordable," Mr Wilkins said.