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https://theconversation.com/nsw-is-again-cleaning-up-after-major-floods-are-we-veering-towards-the-collapse-of-insurability-257715>
"Once again, large parts of New South Wales have been devastated by floods.
It’s estimated 10,000 homes and businesses may have been damaged or destroyed
and the Insurance Council of Australia reports more than 6,000 insurance claims
have been received for the Mid North Coast and Hunter region.
Hundreds of families are displaced. With many homes now uninhabitable, they
face a uncertain future.
As the mop-up begins, stories are emerging of households and businesses not
covered by insurance, with some residents saying insurance companies were
asking up to A$30,000 annually for cover.
There are many others who are underinsured, with insurance payouts not meeting
the full costs of rebuild, repair and replacement. The Insurance Council of
Australia has declared the event an “insurance catastrophe”.
The impacts of these floods reflect global trends. In 2024, there were around
60 natural disaster events that each exceeded A$1.5 billion in economic losses.
Total losses worldwide reached A$650 billion.
As one of the most disaster-prone countries in the Western world, is Australia
the canary in the coalmine for a global collapse of insurance? With these types
of disasters escalating in a changing climate, it is reasonable to feel – and
fear – this is the case."
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
