As thousands of homes remain underwater in what appears to be yet another historic flood event in New South Wales, insurance companies are being inundated with calls from worried customers. The Sydney Morning Herald is reporting that Insurance Council of Australia has declared an insurance catastrophe following more than 5,000 claims over the weekend.
Flood is the most expensive natural disaster for insurers, and it’s getting worse. The outcome is bad news all round for people living in flood-prone areas (which is, well, a lot of people).
The concurrence of increasing urban development in floodplains, and more intense