Australia looking at insurance premium increases

Many predict insurance rates to increase in upcoming years for Australians due to a relentless wave of natural disasters thrashing the countryside. How much of an increase is hard to say, analysts and insurance companies are calculating the total financial loss from the Queensland flood and Cyclone Yasi, and will adjust accordingly. Wild figures being thrown out of 30% rate increases have been talked down by Patrick Snowball, chief executive of the Suncorp Insurance Group, the largest insurer of Australia. Stating it’s still too early to tell but insurance companies…

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Politicians demand for flood peril to be defined by insurance companies

Politicians demand for flood peril to be defined by insurance companies

Insurers in Australia have been confronted with their share of controversy since the floods in Queensland and are now hard pressed to come up with answers. The Minister of Employment and Economic Development, Andrew Fraser, states there is no obvious difference in damages caused by storm, flash flooding or riverine flooding, and that the clean-up after such damages is indistinguishable. He takes issue with the fact that many insurance policies can draft clear definitions regarding the damage. The issue lies in many insurers refusing, or being unable, to pay for…

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Australian’s demand flood insurance change

Queensland Flood Disaster

The recent flood disaster in Queensland, Australia, has impacted thousands and is weighing heavily on insurers and may incite a change in how flood insurance is sold. The waters were indiscriminate – affecting those insured and uninsured. Those who are insured may find that they are not covered under their plan and will be left with nothing. A financial analyst, Joshua Zenas,  is hearing  a definate sentiment of change in the air from consumers and that this will cause companies to be put under the scrutinizing glare of the government. “Given the scale of…

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