AUSTRALIA'S exposure to natural risks is rising and governments at all levels should increase efforts to limit losses and prevent insurance costs rising, according to Suncorp Insurance.
The company's Risky Business report on risk management quotes Suncorp personal insurance CEO Mark Milliner as saying many homes remain exposed to the impacts.
"In the townships of Roma and Emerald, Suncorp assessors have visited some homes three times in as many years," Mr Milliner said.
"In my mind, repeated natural disaster damage is simply unacceptable.
"After speaking with our customers, and seeing the emotional stress that comes with having your home repeatedly destroyed, I believe we need to do better."
Mr Milliner said the circumstances in Roma and Emerald were not unique. "The risks associated with natural disaster are rapidly increasing right around Australia, but investment in mitigation is not," he said. "We all know that bushfires, cyclones and floods are a part of living in Australia. "So the question is: Why aren't we ready?"
Mr Milliner defended Suncorp's decision to stop accepting new insurance customers in Roma.
"Ultimately, no matter how Suncorp goes about business, higher claims costs will always drive higher insurance premiums," he said.
Double storey brick home sitting on a 597m2 corner block. Ground level consists of 2 bedrooms, separate lounge and formal dining (or 5th bedroom) with large...
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