The last 12 months will be remembered, in part, for the near-relentless flooding and rain, but there is one silver lining on the horizon. 9News
The last 12 months will be remembered, in part, for the near-relentless flooding and rain, which a finance expert has warned makes a "perfect storm" for insurance pain.wet weather is expected to ease in 2023 as La Niña wanesSteve Mickenbecker, insurance expert at financial comparison site Canstar, said insurance premiums rose drastically from September 2021 to August 2022.Forbes before the flooding hit. / Forbes after the flooding hit on October 18.
"The floods, storms, potentially bushfires; they influence the number of claims insurers are likely to have," he said. "But the other side of it is building costs will affect how much it would cost the insurer to settle the claim, and they've gone up as well.Mickenbecker said it's too early to forecast how much insurance premiums will rise but he did flag some of the areas most at risk.SES workers check the 'great wall of sandbags', hastily erected to protect homes in Echuca West from flooding.
But residents living on the "wrong" side of the levee said they feel forgotten about as their properties became flooded."They did go up but not by as much as the north of the country, NSW went up by 4.1 per cent, and Victoria by 2.8 per cent.Sydney skies darkened, a warning of the sudden storm to come
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