It is twice as expensive to insure in parts of Australia’s north, compared to the south. Insurers have never shied away from this fact, or the factors that cause it. Discussions usually focus only on the risks but that’s only part of the story.
The Insurance Council Of Australia is often told that insurers should fund mitigation to protect communities. After all, the argument goes, they are the prime beneficiary of damage being prevented. Is this really the case?