The Road Ahead : August 1st 2012
QUEENSLAND'S LARGEST CLUB 67 AUG/SEP 2012 THE ROAD AHEAD INSURANCE MEMBER ESSENTIALS AFTER NEARLY TWO years of planning, investment and hard work, RACQ Insurance is pleased to announce the introduction of flood cover as standard in all household insurance policies. Up until July 1, 2012, the option to purchase this level of cover was available, but now flood is a standard feature of the policy, just like cover for things such as bushfire and cyclone. The addition of flood as standard within the product disclosure statement (PDS) has coincided with a rewriting of the Household PDS, which is now even easier for members to read, navigate and understand. "We want members to be clear on what they're covered for," RACQ Insurance CEO Brad Heath said. "As an insurance company, we need to give our policyholders certainty. As part of rewriting the PDS, we have also adopted the Federal Government's common definition of flood, which will further assist in removing any ambiguity or uncertainty." RACQ Insurance began laying the foundations to implement flood cover as standard in household insurance policies nearly two years ago. "We sought the introduction of flood cover as soon as possible for our policyholders, but the process was largely handicapped by the unavailability of the data that we needed to accurately determine the areas at risk and thos not," Mr Heath said. "We've always intended that, once the data was available, we would brin flood cover in. We now have the means to do it. Essentially we built our own data, rather than re on external sources." Interestingly, around 90 percent of the state is not flood-affected. But determining flood risk is not cut and dry, which is why RACQ Insurance deemed it essential to introduce flood cover as standard in household policies to alleviate any uncertainly for customers. "The RACQ Insurance household flood cover ensures all policyholders don't have to go throu a process of assessing their own risk ... we do that," Mr Heath said. "We have adopted a sophisticated pricing engine that allows us to price premiums at the individual address level, so we can assess the specific level of flood risk that each individual property is exposed to. "It should be noted that household building premiums have increased, primarily due to the many weather-related incidences in the last few years and the consequent increase in reinsuran costs." RACQ policyholders have immediate standard flood cover as part of their household insurance from July 1, 2012. New RACQ Household Insurance now delivers flood cover. clarity, confidence and certainty NURSERY SPONSOR RACQ Insurance is once again proud to sponsor the RACQ Insurance Animal Nursery at the Ekka this August. RNA's Ekka runs for 10 days and attracts about half a million visitors. Famous for its mix of entertainment, agriculture and education, from Champion Rooster of Show to glamorous fashion parades, the Ekka continues to celebrate the traditional and the innovative and holds a special place in the hearts of Queenslanders.
June July 2012