Flood insurance claims since 2020 have surpassed $12.3 billion and flood victims say they can't afford to pay premiums — but what can be done about it?
abc.net.au/news/flood-insurance-eugowra-nsw-damage/101756508As beeping trucks and heavy machinery collect flood debris strewn down her street, Eugowra resident Alison Teml surveys the damage to her home.Flood and storm insurance claims since 2020 have topped $12.3 billion, according to the Insurance Council of AustraliaExperts say government-backed "reinsurance pools" could provide coverage for every Australian"It just looks like a bomb's hit the house.
Paula Jarzabkowski, a disaster risk finance expert from the University of Queensland School of Business says it's not surprising that people were opting out of insurance in flood-prone regions like Eugowra. "We have less natural means for the flood water to run off, [and a] more built environment, exacerbating the flash-ness of the flooding," she says."Those houses that were already perhaps a bit prone or not in optimum areas have now become much worse areas."
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