Climate crisis will make insurance unaffordable for people who need it most
(The Guardian, 27 Apr 2020) In a submission to the royal commission into natural disasters the Consumer Action Law Centre calls for an inquiry into insurance.
The climate crisis will make insurance unaffordable for many people, particularly those in regional areas, as the damage from extreme weather events increases, a consumer group has warned.
In a submission to the royal commission into natural disasters sparked by last summer’s unprecedented bushfires, the Consumer Action Law Centre calls for an urgent independent inquiry into the cost of insurance in light of heightened risks linked to global heating.
The group’s recommendations include the introduction of an insurance price monitor to prevent consumers being exploited, a standard definition of key terms such as “fire” in industry contracts and a modernised regime of what “standard cover” means so policies can be easily understood and compared.