Tag: Australia flood insurance

Flood insurance becomes a divisive issue in Australia

Logan B.
Australia Flood insurance homeowners

Australian government considers privatizing last state-owned insurance organization Flood insurance is becoming a major concern in Australia. The Australian government is beginning to privatize flood protection, allowing various insurance companies to provide coverage directly to consumers rather than providing this coverage through the Territory Insurance Organization (TIO). TIO is the last state-owned insurance organization in the country, and the government has been working to sell off policies that had previously been the organization’s responsibility. This could have serious implications regarding the cost of flood insurance coverage. Privatized flood protection could…

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Flood insurance is not being renewed by businesses with increased exposure

Australia health Insurance

Massive premiums increases are making coverage cost prohibitive for many owners in high risk areas. Following massive flooding in Queensland, Australia, many businesses are starting to drop their flood insurance and even their property coverage at a rate that is faster than the rest of the country. This, according to a national survey that studied the rates of dropped coverage. The plummeting flood insurance and property coverage levels have been blamed on the challenges faced in certain sectors of the economy, in combination with the rapidly rising premiums following a…

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Australian government may need to take aggressive steps to protect the nation from future natural disasters

This year’s natural disasters have reaped a heavy toll on the Australian insurance industry. A number of floods, cyclones, wildfires and other storms have generated a multitude of claims throughout the country, totaling more than $4.39 billion in insured losses. The Insurance Council of Australia (ICA) calls the disasters the worst in recent history. The impact of natural disasters will only get worse if the government does not take measures to protect communities, according to Rob Whelan, chief executive of the ICA. The majority of homes and businesses in regions…

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Australia Flood Insurance News: Local councils fear cost shifting for flood insurance

Australian local government has brought cost shifting to the surface once more as it looks like the federal government’s flood insurance costs will be sent to local councils. Though cities such as Canberra have supported local government decisions to remove state government cost shifting, the Australian Local Government Association (ALGA) has voiced its concerns regarding indications that the federal government is now considering putting the weight of flood risk insurance and carbon tax on local government shoulders. The ALGA has already been speaking out about its worries regarding the likely…

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