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'They lost our receipts three times': how getting an insurance payout can be a full-time job

Citation

Lucas, C, 'They lost our receipts three times': how getting an insurance payout can be a full-time job, The Conversation, The Conversation Media Group Ltd, Australia, 22 March 2021 (2021) [Newspaper Article]


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Official URL: https://theconversation.com/they-lost-our-receipts...

Abstract

As thousands of homes remain underwater in what appears to be yet another historic flood event in New South Wales, insurance companies are being inundated with calls from worried customers. The Sydney Morning Herald is reporting that Insurance Council of Australia has declared an insurance catastrophe following more than 5,000 claims over the weekend.

Flood is the most expensive natural disaster for insurers, and its getting worse. The outcome is bad news all round for people living in flood-prone areas (which is, well, a lot of people).

The concurrence of increasing urban development in floodplains, and more intense rainfall events thanks to climate change are creating a perfect storm for insurance risk.

In response, insurance companies are battening down the hatches often pricing flood insurance at prohibitively high levels, and in some cases, making it hard for insured customers to receive the cover they were expecting.

While it is too soon to know the insurance outcome of the New South Wales floods, we can learn from the experience of other flood events.

Item Details

Item Type:Newspaper Article
Keywords:insurance, climate change, extreme weather, disaster, adaptation, social legitimacy
Research Division:Human Society
Research Group:Human geography
Research Field:Social geography
Objective Division:Environmental Policy, Climate Change and Natural Hazards
Objective Group:Adaptation to climate change
Objective Field:Social impacts of climate change and variability
UTAS Author:Lucas, C (Dr Chloe Lucas)
ID Code:143559
Year Published:2021
Deposited By:Geography and Spatial Science
Deposited On:2021-03-24
Last Modified:2021-04-27
Downloads:0

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