Monday, 1 December 2014

Climate change - hitting me in the hip pocket.

"I don't want to tell you how much insurance I carry with the Prudential, but all I can say is: when I go, they go too." ~Jack Benny

Anyone in Australia who owns their own home knows how much insurance premiums have increased over the last few years. For many, myself included, these increases have been a hard hit to the hip pocket. Other countries around the globe are experiencing the same thing. Are premiums going to keep rising until many can no longer afford to pay?  If this happens the insurance industry would be unable to continue insuring homes, as it is all of our premiums together that finance insurance claim pay outs.

This is a link to a David Suzuki Foundation video on how climate change is affecting the insurance industry. The video is called "Your insurance is being affected by climate change, here's how".  
Will it get to the point where the insurance industry no longer carries on the business of insuring properties, because of the high cost of insurance payouts? If this happens how would we repair or rebuild if affected by a disaster?

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