Suncorp has rejected media claims that it’s planning to withdraw from the flood insurance market.

Brisbane newspaper the Courier Mail and other mainstream media publications last week reported that Suncorp was making continuing flood cover dependent on the future management of the Wivenhoe Dam.

In a submission to Queensland’s flood commission of inquiry Suncorp says the management of water infrastructure such as dams “is a key component of being able to quantify risk and therefore the ability to offer the price and the scope of cover in insurance policies covering flood”.

The insurer says the findings and recommendations of the inquiry could directly affect the extent to which the Wivenhoe Dam could be seen as a basis for discounting the risk of flood for a substantial number of properties and businesses.

“[The recommendations] will therefore directly affect the ability of Suncorp to offer flood cover in Queensland in its present form.”

Suncorp says the comments have been misinterpreted by the Courier Mail and other media.

Commercial Insurance CEO Anthony Day told insuranceNEWS.com.au the submission merely represents the company’s interest in encouraging governments at all levels to increase protection for flood-prone communities.

“There is no reference in the submission that says we would cancel people’s insurance, and our focus is not about withdrawing from that market,” he said.

“Our approach to pricing insurance risk hasn’t changed – where our flood modelling detects greater risk factors, insurance premiums will reflect those risks.”