California's devastating wildfires have exposed an insurance crisis plaguing many disaster-prone areas around the world, and risk pushing up premiums in Australia. "We need to assume that there are more who are also underinsured or not insured at all in Australia because premiums have gone up so much, and due to cost of living," Professor Jarzabkowski said. "Insurance is basically …
In 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 …
The owners of homes made uninhabitable by disastrous floods six months ago remain firmly in the recovery phase, with many still displaced. Key points: Owners of uninsured flood damaged houses in northern Victoria are still displaced as they struggle to rebuild The Insurance Council of Australia says a "small but significant" number of Australian homes are uninsurable An expert in …
As beeping trucks and heavy machinery collect flood debris strewn down her street, Eugowra resident Alison Teml surveys the damage to her home. Key points: Flood and storm insurance claims since 2020 have topped $12.3 billion, according to the Insurance Council of Australia Flood victims say they can't afford insurance premiums Experts say government-backed "reinsurance pools" could provide coverage for …