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Old 23-02-2011, 06:29 AM
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Default Federal and state goverment look at a shake up of the insurance industry

Australian federal and state leaders have foreshadowed reforms to the insurance industry to ensure policies properly cover flood damage as the Queensland clean up continues and the threat in Victoria worsens.

It is understood that federal, Treasurer Wayne Swan and Assistant Treasurer Bill Shorten have sought urgent advice from Treasury on developing a standard definition of floods for insurance policies, The Australian Financial Review reports.

The move comes amid growing, concern over insurance companies, refusing to compensate policyholders for recent flood damage as thousands of Brisbane residents turned out over the weekend to clean up the inundated city.

Premier Anna Bligh said there were thousands of people who believed that they had flood cover but who were discovering they were covered for the "wrong" type of flood. "It is very hard to believe we can't get a better system," she said.

But insurers have warned that providing standard flood cover would be difficult and have a significant impact on premiums.
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