Tips and rumours

Jan 9, 2012

Tips and rumours

Victorian insurers gouge on floods. We're told RACV and CGU are increasing house and contents insurance in the Victorian regions of Shepparton and Mooroopna by "obsce

Victorian insurers gouge on floods. We’re told RACV and CGU are increasing house and contents insurance in the Victorian regions of Shepparton and Mooroopna by “obscene amounts” by including compulsory flood insurance. Says one worried Crikey reader:

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  1. FelineCyclist

    I’ve received my insurance quote for the year and it’s up 33%. Not as bad as the increases quoted above, but still a hefty increase. I’ve been advised that it’s because the costs of reinsurance on the global market have increased due to the various floods, fires, earthquakes and tsunamis seen last year.

    Two issues: first, are the insurance companies taking any hit to their profits or just passing the entire cost on to the consumer; and second, is this the new “normal” due to climate change increasing the number of wild weather events?

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