<
https://theconversation.com/they-lost-our-receipts-three-times-how-getting-an-insurance-payout-can-be-a-full-time-job-157588>
"As thousands of homes remain underwater in what appears to be yet another
historic flood event in New South Wales, insurance companies are being
inundated with calls from worried customers. The Sydney Morning Herald is
reporting that Insurance Council of Australia has declared an insurance
catastrophe following more than 5,000 claims over the weekend.
Flood is the most expensive natural disaster for insurers, and it’s getting
worse. The outcome is bad news all round for people living in flood-prone areas
(which is, well, a lot of people).
The concurrence of increasing urban development in floodplains, and more
intense rainfall events thanks to climate change are creating a perfect storm
for insurance risk.
In response, insurance companies are battening down the hatches – often pricing
flood insurance at prohibitively high levels, and in some cases, making it hard
for insured customers to receive the cover they were expecting."
I suspect this will be no surprise at all to US citizens, who might regard us
as somewhat naive down here. :)
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
