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A crisis of underinsurance threatens to scar rural Australia permanently


Lucas, C and Eriksen, C and Bowman, D, A crisis of underinsurance threatens to scar rural Australia permanently, The Conversation, The Conversation Media Group Ltd, Australia, 7 January 2020 (2020) [Newspaper Article]

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Australia is in the midst of a bushfire crisis that will affect local communities for years, if not permanently, due to a national crisis of underinsurance.

Already more than 1,500 homes have been destroyed – with months still to go in the bushfire season. Compare this to 2009, when Victoria’s "Black Saturday" fires claimed more than 2,000 homes in February, or 1983, when the "Ash Wednesday" fires destroyed about 2,400 homes in Victoria and South Australia, also in February.

The 2020 fire season could end up surpassing these tragedies, despite the lessons learned and improvements in preparedness.

One lesson not really learned, though, is that home insurance is rarely sufficient to enable recovery. The evidence is many people losing their homes will find themselves unable to rebuild, due to lack of insurance.

Item Details

Item Type:Newspaper Article
Keywords:bushfires, disaster response, underinsurance
Research Division:Commerce, Management, Tourism and Services
Research Group:Banking, finance and investment
Research Field:Insurance studies
Objective Division:Commercial Services and Tourism
Objective Group:Financial services
Objective Field:Superannuation and insurance services
UTAS Author:Lucas, C (Dr Chloe Lucas)
UTAS Author:Bowman, D (Professor David Bowman)
ID Code:137144
Year Published:2020
Deposited By:Plant Science
Deposited On:2020-02-03
Last Modified:2020-02-03

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