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Insurers expect NSW’s latest inundation to spark a new wave of claims while Suncorp reveals higher costs to protect itself from a string of weather calamities.
Analysts say floods have doubled down on some pain points for insurers. The building boom is just one.
A “market failure” is looming amid doubts that people will be able to afford insurance in some increasingly disaster-prone areas, KPMG has warned.
Another insurer is warning flooding will trigger its own reinsurance protection. It comes as industry potentially faces higher prices to renew the protection.
Widespread flooding that devastated south-east Queensland on Sunday has swept into northern NSW, inundating homes and businesses and forcing some residents onto their roofs to be rescued.