The General Insurance Code Governance Committee and Munich Re will appear before the parliamentary inquiry into insurers’ handling of the 2022 floods on Friday.

The House of Representatives Standing Committee on Economics today released the program for the videoconference hearing, showing the code committee’s appearance will begin proceedings at 9.15am, with Munich Holdings of Australasia to follow at 11am.

The code committee’s submission to the inquiry says an independent review of the code of practice, now under way, should strengthen protections and it is seeking to be allowed to name insurers in its reporting on breaches. 

The submission also says extreme weather events “can no longer be regarded as anomalous” and insurers’ planning must consider them part of business as usual, and their “operations must reflect this”. 

The parliamentary committee hearings resume on Wednesday. QBE and Hollard are scheduled for the morning, while the Australian Financial Complaints Authority will appear in the afternoon. 

Terms of reference for the inquiry focus on responses to the record-breaking Queensland and northern NSW floods in February and March two years ago, and later flooding that affected parts of NSW, Victoria and Tasmania. 

See Analysis