What’s likely to happen to premiums in the year ahead,and what’s on the cards if they don’t slow down?
Households and businesses were already able to access immediate disaster relief payments.
A medical emergency overseas has the potential to ruin you financially if you do not purchase travel insurance,especially in countries like the US.
Insurance giants are calling for planning reform and home relocations to avoid spiralling premiums.
The insurance industry says almost 230,000 homes face a one-in-20 year flood risk,as it warns more people in disaster-prone areas could opt out of cover.
The collapse of Silicon Valley Bank earlier this year has prompted the financial regulator to tighten some of its standards,focusing on pulling smaller banks in line with the big four.
The Bridgers feared they would be left homeless after being told by RACV to move back into their uninhabitable home because their claim for flood damage – which had initially been accepted – had been denied.
After insurers were hit by record-breaking flood costs last year,investors are betting giants such as IAG and Suncorp could benefit from a hot,dry summer.
Natural disasters – floods,storms and bushfires – affected 70 per cent of the population last year. There are warnings even more will be hit.
Insurance bills have jumped by almost 30 per cent over the past year. The Insurance Council says costs will grow as natural disasters become more intense.
The corporate watchdog is taking the companies behind brands including SGIO,SGIC and RACV to Federal Court for allegedly promising misleading discounts.