By Clancy Yeates. Published in the Sydney Morning Herald.
Read the article on the SMH website here.
Natural disasters, including catastrophic flooding in NSW and Queensland, cost each Australian household an average of more than $1500 last financial year, insurers say, as the industry presses for more public investment in mitigation.
This year’s flooding in northern NSW and Queensland was the second-most costly natural disaster in the country’s history, with almost $5.3 billion in insured losses, and new research commissioned by the Insurance Council of Australia (ICA) highlights the wider economic costs of extreme weather.