The Natural Disaster Insurance Review was announced on 4 March 2011 by the former Assistant Treasurer, the Hon Bill Shorten MP, following the floods and other extreme weather events of the summer prior. The Review Panel was asked to examine the availability and affordability of insurance with particular emphasis on flood and other natural disasters.
On 2 June 2011 the Review Panel released an Issues Paper that identified three alternative models to improve access to flood cover for home insurance. It also considered whether any new arrangements for flood insurance for homes might be extended to contents, strata title buildings and small business.
The Review Panel is sought the views of interested people and organisations on the propositions, questions and options included in the Issues Paper.