Assistant Treasurer Chris Bowen has credited the insurance industry with moving the issue of flood cover forward and praised individual insurers for working to improve standards of consumer awareness and protection.

Acknowledging ICA’s work with local, state and federal governments to develop a national flood mapping tool, Mr Bowen used a speech at an ICA luncheon in Melbourne on Thursday to welcome moves by some insurers to expand the availability of flood insurance.

Although he did not name the insurer, Mr Bowen said he’s “pleased to see that one insurer has recently started to offer flood insurance to its customers – the type of flood cover people are after such as flooding from rising rivers”.

“The lack of adequate flood cover and affordability has been of concern to many in the community for some time and it is good to now see some progress on this issue in the interests of Australian consumers.”

Mr Bowen said ICA’s common industry definition and better data mapping should increase the availability of residential flood cover and clear up confusion among consumers.

He says the Federal Government also has a role to play and is working with insurers on a range of existing initiatives. These include the National Climate Change Adaptation Framework project, and the National Flood Risk Advisory Group.