<
https://www.abc.net.au/news/2024-04-30/insurance-industry-urges-government-to-step-in-on-flood-zones/103752652>
'In California and Florida, getting home insurance is becoming an almost
impossible task.
It's either unaffordable or in some cases not being offered at all, with
insurance companies pulling out in droves.
The combination of climate-fuelled natural disasters coupled with increasing
populations often living in risky areas is threatening the global insurance
industry.
This isn't theoretical for Australians. Bushfire and flood disasters during the
past few years have seen insurance premiums skyrocket.
It doesn't just affect those in disaster-prone areas; ultimately, everyone ends
up footing the bill.
Skyrocketing insurance premiums were also one of the biggest contributors to
inflation over the past 12 months, rising 16.4 per cent according to the latest
ABS figures.
"We've seen in other markets around the world like California and Florida that
have almost very similar profiles to Australia in terms of peril risks like
flood and bushfires, as well as cyclones, a growing population has been left
vulnerable and exposed," says Insurance Council of Australia CEO Andrew Hall.
"In fact, in California, some of the major insurers are no longer offering new
insurance policies for home and contents.
"We desperately need to avoid a scenario where insurance is not sustainable and
insurers are pulling back."'
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
