Insurance bills have jumped by almost 30 per cent over the past year. The Insurance Council says costs will grow as natural disasters become more intense.
The insurance industry is calling for more funding to protect communities from natural disasters, bans on development in risky areas such as floodplains, and government buybacks of existing homes, amid warnings the cost of insurance will continue to soar.of up to 30 per cent over the past year, the Insurance Council of Australia will on Wednesday release research showing the cost of rebuilding from natural disasters will put more strain on the nation’s population centres.
Insurance Council chief executive Andrew Hall said although the insurance costs of the past year were a fifth of those in 2021-22, the growing risk of extreme weather had not gone away.strike large population centres in the future, we can expect them to have a greater impact and be more costly, making the case for risk mitigation even more pressing,” he said.
Cyclone Tracy, which caused $200 million of insured losses when it flattened Darwin in 1974, would in today’s dollars have created $7.4 billion in losses. But the Insurance Council believes the funding needs to be indexed with inflation, so the real value of the fund is not reduced over time, and that it should be extended for a decade. It estimates this would cost the budget $2.5 billion over the next 10 years.
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