Assistant Treasurer Bill Shorten will sit down with insurance industry leaders in Sydney on Thursday to find ways to make flood insurance more commonly available.

And he’ll be demanding results, telling insuranceNEWS.com.au today the industry “is smart and agile enough to be open to change”.

Mr Shorten wants to revisit the issues surrounding a standard definition of flood, which was last attempted by the industry in 2008, in the interests of offering consumers a clear understanding of what they are and are not covered against.

He says he wants insurers to “keep customer interests and expectations fully in focus during flood recovery and beyond,” he told insuranceNEWS.com.au.

This will be the third meeting Mr Shorten has had with industry representatives regarding flood insurance since the Brisbane flood brought the issue back into focus.

“We welcome the fact that co-operation and goodwill is always on display at these discussions,” Mr Shorten said.

Mr Shorten says the bid to find a definition in 2008 failed because it was not good enough at the time and “was put in the too-hard basket”.

He told insuranceNEWS.com.au the Federal Government will continue to discuss various associated issues including flood mapping, reinsurance and reforms which could better prepare the country for future natural disasters.

The Insurance Council of Australia (ICA) will have its own agenda at the meeting, because it wants the Federal Government to spend $50 million on the flood-mapping project.

ICA CEO Rob Whelan told the Australian Financial Review the industry “can’t afford” to fund the project on its own because it requires the use of aircraft and satellite technology.

“Insurers have demonstrated that where the risk can be properly understood, they will develop the product,” he said. “There is far greater flood coverage in states like NSW, WA and SA because flood mapping and data has been made available to the industry.”

The man who will eventually be called on to adjudicate disputed flood claims, Insurance Ombudsman John Price, joined the debate last week when he called for a post-flood review of all options to aid better transparency into the future.

He says there has been a “considerable” number of enquiries on the Financial Services Ombudsman’s flood hotline, and he believes most complaints will involve argument over whether the loss is due to storm or flood.

Mr Price says customers need to be look more closely at their policies and ensure they have the right cover.