Allianz acknowledges the General Insurance Code Governance Committee’s (CGC) determination CX17036. Following the review of one claim out of the over 31,000 claims we received arising from the February/March 2022 NSW and SE Qld floods, Allianz reviewed a further 46 flood claims. As a result of these reviews, a commercial decision was made to make further payments totalling $217,000 across five claims.
At Allianz, we are committed to ensuring that our customers are supported and protected, especially in challenging times such as when making flood-related claims. We are actively engaging with the CGC, the Australian Financial Complaints Authority and the Insurance Council of Australia to consider the broader industry implications and practical implementation of the CGC’s determination, particularly, as it relates to the use of hydrology reports.
Allianz’s recent announcement that we will move to include flood cover as standard in our Householder policies, means that hydrology reports will no longer be required when assessing flood-related home claims. This change reflects our dedication to simplifying the claims experience, improving our customers’ understanding of their insurance cover and providing support to our customers in their time of need.