Home insurance costs spike, with parts of Australia at risk of becoming uninsurable
ABCIn California and Florida, getting home insurance is becoming an almost impossible task. "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. "We've seen global reinsurance premiums increase between 20 and 30 per cent, which follows a number of years of losses by reinsurers in markets like Australia and that's having a flow-through effect." "There's a lot of data that shows well-insured people with quickly settled claims get back to being able to earn, and they have lower social, emotional and health effects after a disaster," Professor Jarzabkowski says. "We estimate that there are around about 200,000 homes in Australia that sit in what's known as a 1-in-20 flood zone, which means they probably facing very high insurance premiums," Mr Hall says.
History of this topic
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