'Risks aren't worth it': QBE says parts of planet becoming uninsurable due to climate concerns, page-13

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Dave R

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18/02/20

09:24

Post #: 42988430
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Originally posted by boatboy: ↑

Being an insurance Broker I listen to Insurers on a regular basis justifying increases in premium through their embracing "climate change". Just last week i was at yet another seminar where they had some Bozo waffling about the increases in "natural" disasters and the increasing cost to Insurers...telling us that insurers need to look to the future, as they do, and plan for more disasters. (read...increase premiums)

Funny how it is never discussed how and where we build cities and new dwellings along with the flawed location of many existing settlements. Why do we dopey humans build cities on flood plains? The areas flooded years before the cities were built, yet suddenly an expensive flooding means the climate must be changing.

We are increasing population, so yes while an insurer grabs more premiums, of course the payouts will also increase.

The reinsurance market for insurers is getting tougher and the layering of risk is changing, so premiums will go up. Plus some re insurers will place embargoes on some locations which will lead to local insurers declining some risks.
Lloyds of London has pulled out of many markets over the past couple of years already leaving certain risks uninsurable.

QBE is stating the obvious, if they can't re insure they will decline risks they may have taken on before...

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Not many people where I live in FNQ are insured any more as following recent cyclones the premiums increased to unaffordable levels.
I dropped mine five years ago and feel pretty good about it actually as I am better off financially and the bastard insurers got what they deserved... a big nothing from me. Plus I advise others to do the same.
The only insurance I have now is third party accident cover on the car. Comprehensive car insurance is a rip off too.
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