Author(s):
Rhiana Whitson
Underinsurance 'crisis' grows as climate change worsens floods, fires and extreme weather
Source(s):
ABC News
- The damage bill for floods in Queensland and NSW is set to run into the billions
- Insurers warn parts of Australia could become uninsurable
- The insurance industry wants governments to invest $2 billion over five years to mitigate risks
Disaster-prone areas of Australia frequently hit by extreme weather events like floods and fires could soon become uninsurable, experts are warning.
[...]
As climate change bites and extreme weather events become more common, insurance premiums are already unaffordable for many households and businesses, particularly in high-risk areas.
[...]
Last year flooding caused around $150,000 of damage to the store and, in a separate weather event, a 40,000-litre above-ground Ad-Blue tank floated away.
"We're really only covered up to $100,000. Anything else that happens from there is for us to fix and pay out of our own pocket," Mr Nader said.
[...]
Explore further
Themes
Insurance and risk transfer