“90% of their customers did not have flood insurance”
In this episode, Anna Svenson, Director of Svenson Barristers, meets with Barrister, Michael Whitten KC to unpack how climate change and natural disasters are reshaping the insurance landscape. From the devastating LA fires in the US, to ex-tropical Cyclone Alfred closer to home, they explore why premiums are rising, how reinsurance and government schemes like the Cyclone Reinsurance Pool aim to help, and what the future holds for insurance affordability. They discuss the growing tension between increasing risk and consumers' ability to access coverage—and why underinsurance is becoming a national concern.
Get in contact with Svenson Barristers:
https://www.linkedin.com/in/anna-svenson-2610b790/
https://www.linkedin.com/company/svenson-barristers/?viewAsMember=true
https://svensonbarristers.com.au/
Key Highlights:
- The LA fires highlighted a catastrophic gap between damage and insurance coverage.
- Ex-tropical Cyclone Alfred exposed vulnerabilities in Australia’s insurance framework.
- Climate change is fuelling the frequency and severity of natural disasters.
- 15% of Australians face premium stress, making coverage unaffordable.
- Reinsurance and government-backed pools are vital to managing risk.
- The FAIR Plan in California and Australia’s Cyclone Reinsurance Pool offer insights into insurance as a public good.
- Flood insurance remains disproportionately expensive compared to storm coverage.
- There's a growing disconnect between insurance as a financial product and its accessibility to everyday Australians.
- Many Australians remain underinsured or uninsured due to high costs.
- Future solutions must balance affordability, climate resilience, and consumer protection.
- "The tension is between climate change and consumer outcome."
Chapters:
00:00 – The Impact of Natural Disasters on Insurance
10:06 – Lessons from the LA Fires
12:44 – Ex-Tropical Cyclone Alfred and Its Aftermath
20:52 – The Rising Cost of Insurance
25:07 – Government Initiatives and Future Outlook
Support the show: https://www.linkedin.com/company/svenson-barristers/
See omnystudio.com/listener for privacy information.
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