Competition is great, but it’s not going to make your insurance premiums cheaper. Tax fossil fuel companies properly and make them pay for the damage they have already done.
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And many of the uninsured will expect the government and ordinary people to pay for the recovery of their private property. The system is broken and will get worse
2500 houses inundated in one local council area during the Murray high river of 2022 and 2023. Still rebuilding. Same as the Lismore floods before that, still rebuilding. And they want to build 250,000 houses a year. Insurance don't matter if what you insure cannot be remade
You do realise the asset has increased in value, and replacement costs increase proportionately. Would you really consider that the premiums remain the same? I don't think so. That's not how it works.
Cost is not value. But anyway despite the definitions, people are insuring less. So those who do insure will pay more. Regardless if they get more value.
Of course. We have taken flooding off our policy as we don't need it. The paying pool will decrease and those in flood prone areas can't afford the premiums. In 7 years our house premium has doubled because the replacement cost has doubled, and even though there's never been a claim.
If the government is afraid to undertake this necessary action, surely it could claim subsidy removal as responsible. Necessary for the economy's bottom line. Then a small Bill upping court damages for direct environmental damage, since fossil fuel negligence costs less in damages than prevention.
And the competition in the insurance field is relatively healthy- as Amy says there are many other areas we’re lack of competition IS a problem- supermarkets, fuel, hardware etc etc
What BS, there is nothing conservatism hates more than competition which drives down prices!
The whole of rural Australia, is based around grumbled information, shared in the pubs and clubs.
Excluding intelligence, excluding competition!
And most importantly: leave it in the ground! Every LNG ship that leaves Australia destroys a little more of the human friendly climate and increases the number of homes that are unaffordable to insure or simply uninsurable.
Yep, the horse has bolted. Insurance will go up (or be unattainable in some areas) because of the worsening weather conditions and high risks of disasters.
Disingenuous statement. Cost of housing has doubled over the last 5 years. Insurance must double to cover the cost of replacing the asset. Profits have doubled in recent years, so Insurance companies are price gouging. IAG just reported a 91% record profits.
IAG is the largest Australian insurance underwriter of NRMA Insurance, CGU, WFI and ROLLiN' (Australia); and NZI, State and AMI (New Zealand).
So which airline do you want to discuss Jane?
The Dutton proposals re insurance shows real ignorance about how insurance works. If implemented insurance would become more expensive as insurance companies reinsure with other insurance companies plus many more areas would be uninsurable. We all pay for the damage wrought by climate change.
Insurance industry: "We get lots of money from people whose actions have negative, often devastating consequences for everyone else, so we're going to charge everyone else a lot more to insure against the negative and often devastating consequences of the actions of those who pay us lots of money."
If Dutton stopped gaslighting for a moment, he'd realise that insurance is all about risk management.
If you could take out insurance against low wages, high costs for services & high energy prices for the next 3 yrs, premiums would increase by 100% under Dutton.
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I ask them why their insurances go up every year. They respond that they have stopped buying insurance.
Messaging is strongly on the side of fossil fuel companies.
The whole of rural Australia, is based around grumbled information, shared in the pubs and clubs.
Excluding intelligence, excluding competition!
Now, I wonder why they could be worsening 🤔
So which airline do you want to discuss Jane?
Socialise the Losses
seems to be the core business model the FFS (Fossil Guel Dector) is running on Amy.
Who says they don't like socialism.. it's the main thing keeping them alive, seems to me.
If Dutton stopped gaslighting for a moment, he'd realise that insurance is all about risk management.
If you could take out insurance against low wages, high costs for services & high energy prices for the next 3 yrs, premiums would increase by 100% under Dutton.