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Ensuring Insurance Availability and Affordability in the Face of Natural Disasters
Ensuring Insurance Availability and Affordability in the Face of Natural Disasters
As the frequency of natural disasters increases due to the impacts of climate change, insurance premiums are also on the rise, causing a burden on consumers and a decrease in insurance coverage. This is particularly concerning for vulnerable households, who may suffer greater harm without insurance protection.
The government is faced with higher bills as a result.
Minister of Emergency Management, Murray Watt, held a meeting with industry leaders in Brisbane to find solutions and create a plan that addresses the issue. The goal is to help communities prepare for disasters and manage insurance premiums.
Watt recognizes the importance of collaboration and sharing information on disaster risk in order to improve mitigation efforts and protect Australian households. He says, "By working with the insurance industry, we can better target our efforts to mitigate the risk of disasters and ensure that insurance remains available and affordable for households in disaster-prone areas."
The government's partnership with the insurance industry is just one step in their plan to increase the resilience of Australia against natural disasters and protect vulnerable households from financial harm.
Published:Friday, 3rd Feb 2023
Source: financialservicesonline.com.au
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A life insurance that provides a cover for a specific period of time - usually one to five years or until the insured reaches age 65 or 70.