The Natural Disaster Insurance Review’s report containing recommendations on how to solve the problems of insuring properties at high risk of flood was handed to Federal Assistant Treasurer Bill Shorten on 30 September.
A total of 107 submissions were received by the review panel, which John Trowbridge, Chairman of the panel, says proved invaluable in compiling the final report.
"We received a lot of good ideas and positive submissions," he said. "Of course, a number of submissions were critical of the ideas we put forward in our issues paper in June. We have taken on board all of the input as part of arriving at our conclusions."
Although the report is now out of his hands, Mr Trowbridge warned against expecting too much to come of it too quickly. "Everybody would like to see swift action taken, but we can’t expect legislature change to take place straight away. Even if the government makes decisions this side of Christmas, there is probably little that can be done immediately."
Mr Trowbridge added that he did not expect Bill Shorten to release the findings of the report before November.
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