For insurers, it’s simply becoming too expensive to do business in California. That will have ripple effects on the cost of insurance around the globe.
- Postdoctoral Research Fellow, The University of Queensland
Australian properties are becoming uninsurable as unseasonal extreme weather inflicts major damage to housing, business and infrastructure.
With average insurance premiums up 28% in the past year, there’s growing pressure on the insurance industry to rethink its opposition to a government-owned and run disaster reinsurance pool.
The less we are insured, the higher the premiums, the more the government has to help, and the less are insured. A model used overseas points to a way out.
