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]
Official URL: https://theconversation.com/they-lost-our-receipts...
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 it’s 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 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)|
|Deposited By:||Geography and Spatial Science|
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