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Insurance Business | 14 Mar 2014, 08:36 AM Agree 0
An insurance company has dropped premiums by as much as 30% and there is hope that other insurers will also cut their prices.
  • Peter Brown | 14 Mar 2014, 09:55 AM Agree 0
    Interesting - Wagga Wagga has had levies protecting the city CBD since the 1960's and no flooding has occurred in the CBD since. A check of the river height records since 1844 shows that not one of the 77 high rivers recorded since then [170 years] would have exceeded the height of the current levee yet premiums have been hiked by all broker insurers over the past 2 years, simply because the local council has updated their current flood map which has resulted in a downgrading of the current levee's efficiency from a 1 in 100 year event to something like a 1 in 60 years event despite its history of saving the city! This is the information insurers are using to justify permium increases.
    We have a target on the office wall with a sign underneath which says - "Bang head here"!!!!!
  • Scott | 14 Mar 2014, 12:09 PM Agree 0
    I've heard similar things Peter. About 3 months back we had a spate of new customers trying to come to us from the Hawksbury river region. The local council had recently changed their flood mapping, and suddenly home insurance costs went from $2~3,000 to $23,000!
  • William | 17 Mar 2014, 08:59 AM Agree 0
    to echo Peter's comments - Wee Waa in NSW 2388 is protected by a levee and has not had flood inundation since constructed - do a dummy quote and check the costing
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