<
https://theconversation.com/rebuilding-homes-after-a-disaster-is-an-opportunity-to-build-back-better-why-isnt-the-insurance-industry-on-board-241576>
"For many Australians, 2022 was a dark and devastating year. Major floods
wreaked havoc on hundreds of communities in Queensland, New South Wales,
Victoria and Tasmania. But for some, the floods themselves were only half the
disaster.
As a recent report by Financial Counselling Victoria showed, many affected
households had their insurance claims rejected or diminished, whether due to
complicated exclusion clauses or because their “sum insured” had been whittled
away by unexpected costs.
A long parliamentary inquiry sought to examine the insurance industry’s
response to this disaster. Its final report – released to little fanfare last
Friday – revealed a sector in crisis.
The report put forward 86 recommendations, which taken together could deliver
real progress in pushing the insurance sector to deliver on its promises.
Some standout areas of focus included abolishing a principle called
“like-for-like reinstatement” and increasing accountability and oversight.
Making sure households can rely on their own coverage is a vital step.
But the report also highlighted just how vulnerable Australia’s housing stock
is to climate change, which is no easy problem to solve."
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
