Destructive fires in the US could drive up Australians' insurance premiums as the frequency and scale of natural disasters increase worldwide.
Australians may have to pay more for their home insurance as catastrophic fires in the United States add to a growing list of climate disasters driving up premiums. Natural disasters have fuelled Australians' insurance costs beyond inflation, analysis from independent think tank The Australia Institute has shown.
"The LA fires are a tragedy which will have global consequences for years to come." The reinsurance market — where insurance companies buy insurance from bigger, international organisations to mitigate their own losses from natural disasters — also has a role to play. Hurricane Ian, which ripped through Florida in 2022, made 2023 the third-costliest hurricane season on record, which added to global pressures in the reinsurance sector.
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