CGU’s West flays ‘gimmicks’ flood cover
CGU CEO Duncan West has called on insurers to offer genuine solutions to the flood cover crisis rather than engage in “media gimmicks”.
He told the ANZIIF breakfast seminar in Melbourne it’s pointless offering cover to policyholders in areas of the country unlikely to flood while denying it to others in flood-prone regions.
“The issue of offering Clayton’s cover – giving it to people who will never have a flood – is not a solution,” Mr West said.
Zurich Insurance is working out final details on its plan to automatically include flood cover in commercial policies.
Mr West says insurers cannot commit to covering flood unless state and federal governments have the “political will” to work with the industry to minimise risk.
He told the ANZIIF breakfast seminar in Melbourne it’s pointless offering cover to policyholders in areas of the country unlikely to flood while denying it to others in flood-prone regions.
“The issue of offering Clayton’s cover – giving it to people who will never have a flood – is not a solution,” Mr West said.
Zurich Insurance is working out final details on its plan to automatically include flood cover in commercial policies.
Mr West says insurers cannot commit to covering flood unless state and federal governments have the “political will” to work with the industry to minimise risk.