PLEA Network

4 March 2022, The Conversation: Victims of NSW and Queensland floods have lodged 60,000 claims, but too many are underinsured. Here’s a better way. As South-East Queensland and New South Wales wade through the devastation of storms and flooding that now threatens the greater Sydney region, residents and businesses will be turning to insurance as their only hope of recovery. More than 60,000 claims have been lodged in seven days. Unfortunately, many people will find that they are either not insured or underinsured against this sort of catastrophe either because premiums have become unaffordable or because they have become unavailable because of the increasing frequency of extreme weather events. Without insurance payouts they will find it hard to recover, causing emotional and economic hardship for them, their communities and the Australian economy. The insurance gap keeps growing The potential for disaster and the lack of insurance to pay for recovery were already known. Australia is among the most exposed countries in the world to extreme weather events and also one of the least insured advanced economies. Floods in March 2021 resulted in A$2.9 billion worth of damage. Read more here