Zurich reaffirms commitment to providing automatic flood insurance

Following the catastrophic Queensland and Victorian floods, Zurich today reaffirmed its commitment to provide automatic flood insurance to its commercial customers.

In 2008, Zurich was the first Australian insurer to provide automatic flood insurance for the majority of its commercial customers and continues to be the only insurer to do so.

“Despite the impact of the floods much of the country suffered last year and in recent months, Zurich remains committed to giving our customers peace of mind when disaster strikes,” said Zurich Australia General Insurance Chief Executive Officer, Mr Shane Doyle.

“There is major confusion with customers and the public at large on the issue of flood cover. Zurich simply believes it is the right thing to do to embed automatically flood cover in our commercial customers’ insurance policies.”

“There’s clarity with Zurich’s commercial insurance with 98.7 per cent of our Business Insurance customers having flood cover,” Mr Doyle said.

Over the 2010/2011 year Zurich has already paid out 99.2 per cent of its customers’ claims surrounding the flood events.

“The recent catastrophic events have certainly demonstrated the need for such cover and Zurich’s flood cover delivered when it mattered most. Zurich’s core flood proposition of protecting our customers’ property, assets and livelihood remains Zurich’s number one priority,” he said.

“Throughout these weather-related disasters, Zurich has managed to rebuild or restore our customers’ businesses, be it through actual material damage of their premises or the contingent Business Interruption exposures.” Mr Doyle said.

In quite a number of instances, Zurich commercial customers actually suffered no direct flood damage but were affected by prevention of access or loss of income due to power outage under the Public Utilities cover extension.

Generally speaking, if a client did not have flood cover, then they could not claim for this and many more BI exposures. In these circumstances, where our customers were afforded flood cover, the Zurich Business Insurance and ISR products provided peace of mind even though our clients were not directly impacted by the floods.

Dr Allan Manning of LMI Group recently conducted a workshop in conjunction with Zurich, discussing the exposures and lessons learnt from the recent catastrophes.

We are excited to share some footage of this with you that highlights and explains the many benefits flood cover provides. Click here to go to the Zurich Multimedia Lounge. The Allan Manning videois 233 MB large.

“Zurich is proud to be the leader on this issue and we look forward to working even closer with brokers to ensure their customers have the best coverage available.” Mr Doyle added, “Providing adequate flood cover isn’t easy. If it was, the industry would not have so many issues with implementing it.”

Zurich is not the cheapest insurer but not many other insurers can offer the broadness of cover they can. If you would like to discuss placing your business insurance with Zurich and take advantage of the additional flood cover, call us at CPR on 07 31231137.