Understanding the Flood Damage
As floodwaters recede in New South Wales, the insurance industry faces critical questions. What can be insured in areas prone to flooding? Early estimates indicate that around 10,000 properties have experienced significant damage. Tragically, many homes are already classified as uninhabitable.
Andrew Hall, CEO of Insurance Council Australia, shares insights into the situation. The recurring nature of these floods raises concerns about the sustainability of insuring properties in high-risk zones. Homeowners must navigate the complexities of coverage options and understand what is feasible when it comes to flood insurance.
Looking Ahead
As the community assesses the damage, insurers will need to adapt their strategies. The reality is that climate change and increasing weather volatility make this an ongoing challenge. Stakeholders in the insurance sector must work together to find effective solutions for those affected by these devastating events.
