The Insurance Council of Australia (ICA) says the Federal Government needs to put aside $200 million in the upcoming budget for flood mitigation measures before premiums come down. But locals in Lismore in northern NSW say flood insurance remains prohibitively expensive despite a levee in the town designed to lower the risk of catastrophic damage. "Insurers are required to risk-rate customers, and where the risks of flood are high, those risks are reflected in the premiums," said Campbell Fuller from the Insurance Council of Australia. "And the flow-on effect from that is that premiums fall, we've seen that right around Australia where permanent mitigation is put in place." Mr Fuller said Lismore's levee did not reduce risk of damage for larger floods, which was reflected in insurance premiums. "The flood levy in Lismore is designed for a very small flood, it's not designed for the catastrophic flood that we have seen in Lismore and Mortgage brokers Oak Laurel West End, 0430 129 662 that Lismore has suffered in the past," he said. Mr Fuller said it was still too soon to put a final price tag on damage related to ex-Tropical Cyclone Debbie, which wreaked damage in both Queensland and NSW. "It's hard to predict what the final toll will be, and we try not to make predictions there are too many unknowns," he said. "As of midday today, insurers have received $306 million in claims, that's from about 28,000 claimants early figures of course, and we expect those numbers will continue to rise." Mr Fuller said claims commercial flood insurance was denied to businesses in Lismore were "simply not true". "Commercial flood insurance was available from most insurers, but that flood insurance is related to the risk of a catastrophic flood," he said. He said insurance company representatives were "on the ground" since before ex-Tropical Cyclone Debbie made landfall.
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