Aggregated Flood Policy Data

The tables below are supplied to the Commonwealth Treasury each quarter as part of an insurance industry undertaking to help the Federal Government monitor consumer choices concerning the purchase of residential flood insurance policies.

The figures are extrapolated from a statistically significant sample of the market in each state (above 90 per cent). Policy data is submitted to the Insurance Council of Australia (ICA) by a representative cross-section of member companies. Not all insurers have supplied data and the tables may contain a small margin of error. The tables are subject to change according to fresh data being collated and normal commercial factors, and are available only on a statewide basis.

The data demonstrates that flood insurance is available to all Australian property owners in a variety of policy formats designed to suit individual circumstances. About 7 per cent of consumers have some exposure to flood risks. Consumers can choose to purchase products with flood cover as a standard inclusion, products that allow the consumer to opt out of the flood component, or products that exclude flood from the policy. The data for Q1 2013 captures the choices that insured Australians have made over the preceding quarter.

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Australian Market March 31, 2013 – Total number of active residential insurance policies –  flood coverage status
total number of active policies NSW VIC QLD SA WA NT ACT TAS TOTAL
1. Number of active policies home policies 654,791 439,792 414,888 156,928 225,838 12,902 39,388 42,659 1,987,184
contents policies 809,756 451,798 549,664 193,938 255,114 33,962 66,516 46,976 2,407,723
home and contents policies 1,253,989 1,214,228 715,013 528,645 650,561 33,549 71,146 173,372 4,640,502
2. Number of active policies including flood cover as standard * home policies 573,919 388,191 373,471 136,496 190,404 11,764 36,030 37,308 1,747,582
contents policies 717,274 386,077 500,395 159,619 216,969 31,612 58,819 41,364 2,112,130
home and contents policies 1,054,322 1,018,172 599,780 441,479 565,046 31,038 61,403 155,507 3,926,746
3. Number of active policies including flood cover on opt-out basis home policies 37,540 12,991 11,747 4972 5390 183 1274 1702 75,800
contents policies 49,369 20,037 22,095 11,497 8782 450 4305 1919 118,455
home and contents policies 119,008 62,636 47,479 28,673 25,097 289 6103 5936 295,222
4. Number of active policies including flood cover on opt-out basis - flood cover inactive home policies 17,106 2299 2468 967 737 16 674 208 24,476
contents policies 23,669 4794 6374 3014 1933 140 2054 455 42,432
home and contents policies 35,490 12,404 10,641 6097 4210 0 1606 1020 63749
5. Number of active policies where flood cover active (2+3-4) home policies 594,353 398,883 382,750 140,501 195,057 11,930 36,630 38,802 1,798,906
contents policies 742,974 401,320 516,116 168,102 223,819 31,923 61,071 42,827 2,188,152
home and contents policies 1,137,840 1,068,404 636,617 464,055 585,933 31,327 65,900 160,423 4,158,219

 *Includes 2.1 per cent policies in force that have a sub-limit for damages paid as a result of flood.

Australian Market March 31, 2013 – Total number of residential insurance policies issued in last quarter –  flood coverage status
total number of policies issued in last quarter NSW VIC QLD SA WA NT ACT TAS TOTAL
1. Number of active policies home policies 150,960 103,612 68,046 32,829 90,773 3356 9931 10,371 469,877
contents policies 198,728 118,873 98,881 47,005 105,865 9639 18,880 12,373 610,244
home and contents policies 303,026 294,378 179,250 103,438 282,414 8304 18,286 42,281 1,231,377
2. Number of active policies including flood cover as standard * home policies 133,272 93,997 59,718 25,709 85,797 3154 9107 9927 420,683
contents policies 174,928 103,012 86,332 32,112 97,666 9034 16,516 11,023 530,622
home and contents policies 250,274 244,970 148,050 81,572 260,427 7806 15,538 38,067 1,046,705
3. Number of active policies including flood cover on opt-out basis home policies 13,283 9432 6613 5348 6920 140 408 1040 43,184
contents policies 16,735 12,699 9101 8099 7547 424 1,600 1013 57,218
home and contents policies 39,392 38,091 17,974 21,545 24,892 235 1998 2662 146,787
4. Number of active policies including flood cover on opt-out basis - flood cover inactive home policies 4808 1319 764 558 434 8 194 238 8324
contents policies 7389 2684 2296 1629 1057 91 688 328 16,162
home and contents policies 10,817 5882 3155 3042 1956 8 526 913 26,298
5. Number of active policies where flood cover active (2+3-4) home policies 141,747 102,110 65,566 30,499 92,284 3286 9321 10,729 455,543
contents policies 184,274 113,027 93,137 38,581 104,156 9367 17,428 11,708 571,678
home and contents policies 278,849 277,180 162,869 100,075 283,363 8032 17,010 39,816 1,167,194

*Includes 2.1 per cent policies in force that have a sub-limit for damages paid as a result of flood.

 

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