About 80% of people are able to access flood cover in their insurance policies, but the figure should be 100%, according to the Australian Securities and Investments Commission (ASIC).

The percentage has risen “from well below 50% a few years ago”, Commissioner Peter Kell told a Senate economics committee hearing.

“This is obviously still a matter that is being worked through with the insurance industry,” he said.

“From ASIC’s perspective having clear disclosure to the consumer about whether flood cover is available and how much it might cost, so they have the ability to make that choice, is a good development.

“We would like to see it continue to roll out to the minority that still do not have access.”

Mr Kell was responding to a question from Senator John Williams, who asked whether the Government should require insurers to provide flood cover for all policyholders.