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Insurance Business | 16 Oct 2014, 08:36 AM Agree 0
Two flood mitigation projects will bring economic benefits at least five times more than their cost, according to an analysis.
  • William | 16 Oct 2014, 09:41 AM Agree 0
    What about country NSW towns like Wee Waa who have had flood mitigation in place for years and still pay through the nose for their premiums and cost still rising - typical, all words.
  • Greg Cottrell - Insurance Professional Dinosaur | 20 Oct 2014, 12:45 PM Agree 0
    William, I sympathise with you, Wee Waa is one of many, but you will find the reports and particular the article is only focused on themselves, "savings to the Insurer via reduced claims payouts", not premium gouging. There is no social conscience when it comes to the Insurance Industry any more (don't believe marketing campaigns they are just what they are), even though in the past the industry has had a very important role to play in this regard, it is a bankers model now, "as much profit as possible above all else".
    But I do agree with the report that mitigation is a much more viable option than repeating disasters, but as usual, who is going to pay?
    Governments at all levels have to take more responsibilities in both mitigation of current exposures, but also preventing exposures on where infrastructure can and cannot be built.
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