Allianz acknowledges the General Insurance Code Governance Committee’s (CGC) determination CX17036

7 June 2024

Allianz acknowledges the General Insurance Code Governance Committee’s (CGC) determination CX17036.  Following the review of one claim out of the over 31,000 claims we received arising from the February/March 2022 NSW and SE Qld floods, Allianz reviewed a further 46 flood claims. As a result of these reviews, a commercial decision was made to make further payments totalling $217,000 across five claims.

At Allianz, we are committed to ensuring that our customers are supported and protected, especially in challenging times such as when making flood-related claims. We are actively engaging with the CGC, the Australian Financial Complaints Authority and the Insurance Council of Australia to consider the broader industry implications and practical implementation of the CGC’s determination, particularly, as it relates to the use of hydrology reports.

Allianz’s recent announcement that we will move to include flood cover as standard in our Householder policies, means that hydrology reports will no longer be required when assessing flood-related home claims. This change reflects our dedication to simplifying the claims experience, improving our customers’ understanding of their insurance cover and providing support to our customers in their time of need.

CX17036 – Case Summary (PDF, 120 KB)

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Allianz Australia delivers a wide range of personal, commercial and corporate insurance products and services to more than 4 million policyholders. It also provides support for workers compensation insurance to around 25% of the top 200 ASX companies, making it one of the leading workers compensation insurers in Australia.

The Allianz Group is one of the world’s leading insurers and asset managers with 126 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 802 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.9 trillion euros of third-party assets. Thanks to our systematic integration of ecological, social and governance criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index, launched on 12.11.2021. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group. These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.

This article has been prepared by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL234708 (“Allianz”). In some cases, information has been provided to us by third parties and while that information is believed to be accurate and reliable, its accuracy is not guaranteed in any way.

Any opinions expressed constitute our views at the time of issue and are subject to change. Neither Allianz, nor its employees or directors give any warranty of accuracy or accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in this article.
Allianz acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Custodians of the lands on which we live and work across Australia. We pay our respect to First Nations Elders past and present.



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