Corporate watchdog chairman Joe Longo warns that Australia is facing an insurance crisis due to extreme weather, causing premiums to rise and properties to become uninsurable. Insurance prices have increased by 16.3% in the past year, the highest rate among consumer spending categories. The Australian Bureau of Statistics attributes this to severe weather disasters. Longo emphasizes the growing risk of natural disasters and the affordability of insurance.
Corporate watchdog chairman Joe Longo says Australia faces an emerging insurance crisis as extreme weather drives premiums higher and makes an increasing number of properties uninsurable. Insurance prices rose a colossal 16.3 per cent in the year to November, the fastest rate of any consumer spending category, according to the latest monthly inflation data published on Wednesday, which the Australia n Bureau of Statistics attributed to increasingly severe weather disasters .
“I think there is an emerging crisis, frankly, over insurance whether people will be able to afford insurance, and certainly in those areas where we’re seeing a growing risk of natural disasters,” Mr Longo said in an interview withciting the sector as an area of focus for the regulator, particularly in the aftermath of floods and fire
Australia Insurance Crisis Extreme Weather Premiums Properties Uninsurable Consumer Spending Inflation Severe Weather Disasters Natural Disasters Affordability
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