Insurer urges council to provide latest flood dataTuesday November 20, 2012 - 10:39 EDT
Westpac says Albury City Council should ensure the latest data on flood risk zones is handed directly to the insurance industry.
Westpac reversed its decision to increase an Albury customer's insurance premium by 500 per cent after receiving up-to-date information on flood risk zones from the council.
Westpac's head of general insurance, Jim Glossat, says any new information from the council should have been sent to the Insurance Council of Australia (ICA).
"Now the Albury council has not passed that information yet to the insurance council but our understanding is that information will be very shortly passed to the ICA so that it may be published in an NFID [National Flood Information Database] and other insurers will be able to rely on the information to price their products," he said.
He says the decision will also affect other customers in the region.
"Our national market share is approximately 4 per cent for the Albury region, we have around 500 odd customers of which less than 5 per cent are exposed to any kind of flood risk," he said.
Albury City Council says the information is readily available on its website and its zoning for flood risk areas has not significantly changed in recent years.
© ABC 2012
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