Article ID: c8359e0a31bc35871b473ef529b76a3fc3ab4836eddaa42ea28be9a1bae5dfdb
Source ID: primary:insurancejournal.com
Published At: -
Extraction Method: trafilatura
URL: https://www.insurancejournal.com/news/international/2026/03/02/860056.htm
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Insurers in Australia are urging legislators to set up a A$30 billion ($21.4 billion) flood defense fund as the nation grapples with surging costs from extreme weather events. Funding would be used on tasks including the addition of more flood-protection infrastructure like dams or levees, and also for a A$10 billion property buyback program targeting the estimated 10,000 dwellings in areas where it isn’t possible to mitigate flood risks, the Insurance Council of Australia said in a statement on Sunday. Prime Minister Anthony Albanese’s government has options “to alleviate premium pressure for the highest risk households in the short-term, while making longer-term investments in large scale infrastructure and risk mitigation projects,” Andrew Hall, the council’s executive director, said in the statement. Insured losses from natural catastrophes globally reached $107 billion last year, according to reinsurer Swiss Re AG. Rising premiums are driving some households to drop coverage, while insurers are also withdrawing service entirely from some high-risk areas. From 2019 to 2024, insured losses to extreme weather events averaged $4.5 billion a year in Australia, roughly two-thirds higher than in the previous five-year period, according to the council’s statement. Photograph: Emergency workers patrol a flooded area as they evacuate residents in the Melbourne suburb of Maribyrnong, in 2022. Photo credit: William West/AFP/Getty Images Topics Carriers Flood New Markets Australia Was this article valuable? Here are more articles you may enjoy.
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