Industry stakeholders consider the unthinkable
The extreme losses being experienced by the insurance industry have some industry stakeholders considering the unthinkable: will the industry collapse? Regulators and insurance leaders in Australia were asked this question at a government inquiry’s public hearing.
The inquiry is looking at insurance unaffordability and unavailability due to climate-driven disasters, like the 2022 floods that cost the industry AU$6.3 billion – a country record.
While its hearings were underway, in the United States, Florida was hit by the first of back-to-back hurricanes. Estimates suggest the total insurance cost of hurricanes Helene and Milton could be a jaw dropping US$55 billion.
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