Australian floods and the billion-dollar clean-up
Business Daily
00:00
How Much Does It Cost to Insure a Property in Floods?
'I never thought it was ever going to come back in 11 years. I saw 74 floods and am, when we went to insure the building, i said, that sort of money, if the floods come back in forty years, i won't even be here,' he says. One option being considered is a reinsurance pool, a kind of insurance for insurers that would cap their losses. But critics say there's no guarantee insurers will pass on their avings to customers. Instead, they argue, governments need to invest in mitigation - especially as climate change increases the frequency of severe weather events.
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